GREECE: Coca-Cola Hellenic expects to offload shares in Q2
CCH is looking to get a listing on the London Stock Exchange
Coca-Cola Hellenic (CCH) is looking to complete a voluntary share exchange offer ahead of a switch of its main stock exchange listing.
The Athens-based group announced in October that it had set up Coca-Cola HBC AG, a Swiss holding company, to acquire CCH's ordinary shares through an exchange offer. Following the purchase, it hopes to take a premium listing on the London Stock Exchange , by the second quarter of this year, while maintaining a presence on the Athens and New York stock exchanges.
In an update today (9 January), CCH, Coca-Cola Co's second largest bottler, said that the exchange offer remains subject to regualatory approvals.
It added: “Coca-Cola HBC AG is working closely with the relevant regulators to obtain these approvals and currently expects commencement of the acceptance period after publication by Coca-Cola Hellenic of its 2012 financial statements and completion of the voluntary share exchange offer early in the second quarter of 2013.”
In November, the group posted a 15% drop in nine-month net profits, blaming difficult trading environments in established markets.
The drinks sector is particularly fertile ground for mergers and acquisition activity, with a number of big businesses accustomed to making acquisitions to spur growth, new players popping up all over...
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