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As Coke Goes, So Goes 20% Of The Greek Stock Market (Which Is Now Smaller Than Vietnam's)
The erstwhile 'developed' market of the Athens Stock Exchange has just suffered a major blow. Coca-Cola Hellenic Bottling Co (CCHBC), the world's second largest Coca-Cola bottler, will quit the exchange for London next year, cutting the value of equities listed in Athens to a mere $31bn - smaller than Vietnam's $35.2bn. CCHBC is Greece's largest company by market value and sets a rather ugly precedent in leaving the troubled nation. Accounting for 23% of the benchmark index weight, it is 50% larger than all four of Greece's major banks combined. A new company, headquartered in Switzerland, will make a share-exchange offer for CCHBC and seek a primary listing on the London Stock Exchange - which will mean around 10% of all trading volume on the Athens Stock Exchange will be lost. The decision to leave Greece was prompted by concerns over political and economic stability - so for the Greeks, Coke Is not It.
From the 3/6/09 lows, CCHBC is up 99% while the ASE is down 42%...
Via Bloomberg:
...
Coca-Cola HBC Chief Executive Officer Dimitris Lois said in a Bloomberg Television interview broadcast yesterday that the ratings downgrades played a role in the decision to move, along with “stability both in the economic environment and regulatory environment” in Switzerland.
“The decision was triggered by the concerns from our investors with regards to the liquidity, so obviously we have addressed the liquidity by listing on the London Stock Exchange,” Lois said. “The second element was the downgrade from the two rating agencies. With these downgrades, the cost of potential borrowing was going up.”
...
The Greek government must work hard to prevent more companies fleeing overseas, according to Attica Wealth Management’s Krintas.
“The government needs to understand the problems these companies are facing,” he said. “You can’t discuss growth, you can’t try to get out of the recession without utilizing the arsenal you’ve got and the arsenal in this case is the big, productive enterprises in Greece.”
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one domino after another. but it's getting better all the time
BUT VAT ABOUT ZEE EUROPEAN DREEEAMMM
Bullish on Greece. Nice place to live a long productive life. Great climate, great people. Culture like few other places.
Once Greece is out of the Euro and EU, I'm going there. Forget the shitholes they call "emerging markets".
Greece is the place to be an entrepreneur and invest AFTER the Euro.
Take the 22 LR to kill the zombies.
I will wait until the Greeks have kicked out all the banker scum, kicked out every TROIKA scum, kicked out the IMF scum and then closed the barn door. Then the good people of Greece can focus on rebuilding and restarting their sovereign nation state.
Fuck the EU, fuck the ECB, fuck the IMF, fuck the TROIKA, fuck the Fed, fuck Bernanke, fuck the whole scummy lot every day and twice on Sunday!!!!
"A new company, headquartered in Switzerland, will make a share-exchange offer for CCHBC and seek a primary listing on the London Stock Exchange..."
This is happening with many a European company. They are are pulling out of Athens, Paris, etc and setting up HQ in Switzerland. Old paper mills and brick factories being converted to glassy post-modern offices and meeting centers.
So when someone asks, cui bono, regarding the Euro, it's the Swiss.
then they try to hail a taxi away from a designated taxi rank
Merdekell confessed to Farage that Greece would not be allowed to ESCAPE the euro because if it did, others would follow. That means a grexit would be a complete and utter euro implosion. Once that happens, I'd bet my guilders on the NL, my schillings on AT. Hell, even -and specially!- my Lire on IT. I have few drachmas for a reason.
We all know what happens when Germans are trying to bolt the doors and not allowing anyone to "escape".
If this were the US, I'd be concerned. But we're talking about Germans trying to lock someone up or something in.
The US can lock anyone up for no good reason and throw away the keys. No questions asked, no trial, no judge or jury.
Good thing the US isn't running affairs in the EU!!
"The US can lock anyone up for no good reason and throw away the keys. No questions asked, no trial, no judge or jury."
You say this like it's a bad thing.
"The US can lock anyone up for no good reason and throw away the keys.
Any government can lock someone up for no good reason and throw away the keys. The question is how much money you have or how famous you are to prevent that. Government has the monopoly on legalized force and corruption. That applies to all governments, not just the US.
http://memecaptain.com/fe5b50.png
I guess it's true that things better go with Coke... errr, something like that probably.
Lou raised the price on Coke... He's been losing at the track...
~~~
http://www.youtube.com/watch?v=QY2HL1zg6Gk
Nobody is going to move to a country that don't have coke.... a cola...that is
Mr. Greece, Mr. Greece....do you need any help? I just want you to know I think...I think your the best ever. Want my Coke? Its ok you can have it. No you can have it.
Not. Have an economic implosion and a smile.
Bonus ZH points if you get the above reference.
Thanks Mean Ang!
http://www.youtube.com/watch?v=xffOCZYX6F8
was that a Spiderman towel he threw after the kid? might as well have been. same hubris.
To Greece.
Just get out!
DavidC
The fees on that transaction are showing up in the GS balance sheet. Make no mistake.
"....which will mean around 10% of all trading volume on the Athens Stock Exchange will be lost."
Dude! Just get a (HFTing) Dell.
Mass Evacuation After Fire At German Kraft Food Factory Creates 'Toxic Cloud'
http://www.businessinsider.com/kraft-factiry-fire-bad-fallingbostel-2012-10#ixzz29TRKNkKU
Warning Signs of A Potential Sharp Correction To Come Next Week
http://investmentwatchblog.com/warning-signs-of-a-potential-sharp-correction-to-come-next-week/
Wall Street Recession Strategy: Fire People and Give Survivors a Raise
http://www.allgov.com/news/where-is-the-money-going/wall-street-recession-strategy-fire-people-and-give-survivors-a-raise-121016?news=845960
Currency Wars: Ben Bernanke Tells Third World to Devalue Their Currencies
http://www.blacklistednews.com/Currency_Wars:_Ben_Bernanke_Tells_Third_World_to_Devalue_Their_Currencies/22018/0/38/38/Y/M.html
oh jesus! nothing to wash down the pickings from the dumpsters?
hey, I've lived in Vietnam...
I've never been to Greece but I'd still go with it over Nam...
...
YouTube - Hillary Clinton: 'I take responsibility!' Bill's response: 'Still won't close that...' (12 sec)
Coke and other soft drinks are major drivers of the worldwide epidemic of type 2 diabetes. If the company went under, it would be a huge boon for mankind.
Do you have any evidence that getting diabetes is objectively worse than living without soft drinks?
soft drinks are for those who rhyme with maggots. hard booze is for men.
If I were Greek I would be more concerned with the several hundred million dollars of (otherwise) taxable profit and those increasingly endangered non-GOV jobs, that are walking out the door, not the headline-grabbing HFT fodder headed for Ponzi Circus in London.
http://en.wikipedia.org/wiki/Democracy:_The_God_That_Failed
Throw out all the other companies to show you don't need Capitalists!
Time for a video from the talking polar bears
They never talked, they only groaned. I can understand why now that all I can do is groan when I watch the news.
I'm thinking more Warren Buffet than talking Polar Bears myself. Dollars to donuts "he's licking his jops over Greece."
No Coke, Pepsi.
and you can only buy 16oz at a time.
The bottle may be capable of holding 16oz, but that's not what is in it.
The ESF is now going to open a new bottling company in Greece to replace the one that is leaving. It will be called Draghi Cola. They will create the new soda out of thin air and sell it to thirsty money managers and hedge funds.
Drink up!
Coke-a-cola and other carbonated, sugar water products are now government controlled substances. This is is to be expected for any product that comes under government regulation.
I thought it was "As Coke Goes So Goes Columbia" Who knew?
Coke.
Greek Bank.
Hard to say which is more toxic.
YouTube - Secretary of State Hillary Clinton: I Am in Charge!
Anything smaller than Vietnam, can turn into India or Brazil, in a heartbeat!
The Euro has turned out to be a prison camp with the two sentinels of Germany and debt standing at the gate to ensure that no one leaves.
Greek airports as well as Spanish ones will soon have signs saying ÄRBEIT MACHT FREI (work sets you free) which is what used to be at the entrance of the Auschwitz Prison Camp.
HOW TAXES IN GREECE CAN BE 100%, 200….500% AND SO ON OF PERSONAL INCOME
PAY ATTENTION EVERYBODY!!
I COULD WRITE PAGES AND PAGES ABOUT THE GREEK SITUATION BUT THIS ONE SUMS IT ALL UP AND EXPLAINS WHY GREECE IS DOOMED AND UNIQUE IN THE WHOLE WORLD:
THE EXAMPLE IS EXTREME BUT REAL AND INDICATIVE.
OWNER RENTS PROPERTY FOR 72,000 EUROS PER YEAR
PAYS TAXES 29,000 EUROS (40%)
PAYS PROPERTY TAXES (JUST FOR OWNING THE BUILDING) 35,000-40,000 EUROS
NET PROFIT: MAXIMUM 3,000 EUROS
SUPPOSE THIS PERSON DOES NOT RENT HIS PROPERTY. HIS HAS TO PAY EVERY YEAR 35,000- 40,000 EUROS NO MATTER WHAT HIS OTHER INCOME IS OR WHETHER HE IS UNEMPLOYED.
NOW DO YOU STILL WONDER WHY THE NAZIST PARTY IS GAINING IN POWER?