Coca-Cola HBC Shares Crash 14% in Athens Over Russian Multon Fears

Coca-Cola HBC told the Athens exchange it has received no notice from the Russian government about any change to its Russian operations, after its shares closed down 14.12 percent. The statement aimed to calm investors rattled by reports that Moscow could place its former Russian bottler under temporary external management.

The sell-off followed a Kommersant report that Bochkari, an Altai-based drinks producer, asked Vladimir Putin to put Multon under temporary external control. Multon, the former Coca-Cola bottler in Russia, is valued at up to 245 billion roubles. Reuters separately reported Putin placed Japan Tobacco International's Russian assets under temporary state management.

The company stressed its Russian operations have run locally and on a self-standing basis since 2022, and that it does not rely on Russian income or capital to fund activities elsewhere or service its debt. London-listed shares also fell sharply during the day, deepening concerns about Western firms still exposed to Russia.