Dresdner Kleinwort has initiated coverage of Coca-Cola Hellenic Bottling Company.

The broker said yesterday (12 October) that it is starting the bottler at a 'buy' rating and a target price of EUR29.80. CCHBC's relationship with brand owner The Coca-Cola Company is one of mutual dependence, DK said, and has served both firms well for many years,

This relationship is evolving, however, DK warned, and Coke is dependent on CCHBC's distribution capabilities for the launch of new products and the development of newly-acquired brands, which should continue to benefit the Greek company's margins.