Turkey's Coca-Cola Icecek shares fall as probe launched
June 11 (Reuters) - Shares in Turkey's Coca-Cola Icecek (CCOLA.IS), opens new tab fell on Wednesday after the Turkish Competition Board launched an investigation into the company's distribution unit over alleged antitrust violations.
At 0908 GMT, the shares were 2.38% lower, making them the biggest loser in the BIST 100 index (.XU100), opens new tab.
The regulator said on Tuesday that it was probing whether the company had breached competition rules by implementing exclusivity arrangements and excluding rivals from retail points of sale.
The authority said the investigation would also assess compliance with commitments made by Coca-Cola Icecek in 2021.
Coca-Cola Icecek, a subsidiary of Anadolu Group, is one of the largest bottlers in the Coca-Cola (KO.N), opens new tab system and operates across several countries in the region.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
2 hours ago
- Times
Tesco sent extra stocks to bail out M&S during cyberattack
Britain's biggest supermarket stepped in to supply extra stocks of Marmite and Coca-Cola to Marks & Spencer while it was hit by a crippling cyberattack, its boss has revealed. Ken Murphy, chief executive of Tesco, said that M&S and some of the Co-Op's independent societies asked Booker, Tesco's wholesale arm, for support sourcing products while their supply systems were down. 'Over the period when they've been impacted, Booker has supplied both M&S and Co-op with products and supported them in any way they could,' he said. 'They asked us to supply products and we said yes.' In M&S's case, Booker is understood to have increased deliveries of third-party branded items, such as the household staples Marmite and Coca-Cola, and shipped more items directly to shops. The main Co-op Group did not request assistance for its supermarkets but it is understood that some of its independent societies temporarily turned to Booker. Independent Co-op societies are consumer co-operatives that operate independently within the Co-operative Group while maintaining their own distinct ownership and governance. The support was short term and both companies have since restored their operations after the cyberattack. M&S was arguably the worst affected: its online business was knocked offline for nearly two months. It has warned that the attack was likely to dent its profits this year by at least £300 million. M&S relaunched its website this week and resumed online orders, prompting a surge of customer demand. Many shoppers had left items in their online baskets, ready to buy once the site came back online. The company declined to comment on which products had proved most popular since the relaunch. The request for support from Britain's largest supermarket highlights the severity of the disruption and also reflects a rare moment of collaboration in the competitive grocery sector. Tesco, which reported an increase in like-for-like sales over the past three months, insisted that this had not been because of the cyberattacks at M&S and Co-Op. 'We haven't seen any uptick in activity or attacks since some of our competitors were attacked,' Murphy said. 'We haven't seen any material changes.' He emphasised that cybersecurity was at the 'top of my inbox on a daily, weekly basis'. 'We stay on top of cyber all the time. We have invested continuously in upgrading our cyber-capabilities because this is a moving target all the time. As the sophistication of potential attackers improves, we have to keep investing behind it. 'We stay very vigilant. We invest substantially behind it. We seek to learn from what's going on in the industry,' Murphy said.
The Independent
3 hours ago
- The Independent
Coca-Cola and other companies losing sales as Hispanic residents stay home and skip shopping over arrest fears
Coca-Cola and other major brands have seen sales slip in recent months, partly due to Hispanic customers pulling back from stores and staying home amid 'a fear of Immigration and Customs Enforcement raids.' The soft drink giant expressed concern after its sales volume in North America fell 3 percent in the first quarter of 2025. While there is no data that unequivocally links Hispanics' immigration fears to pulling back from spending, executives at big brands acknowledged those concerns are likely having some impact on sales, The Wall Street Journal reports. The company emphasized the importance of the 64 million U.S. Hispanic consumers who hold $2.1 trillion in spending power. 'In addition to challenges with severe weather and calendar shift, volume was impacted by weakening consumer sentiment as the quarter progressed, particularly among Hispanic consumers,' Coca-Cola's CEO James Quincey said during an earnings call on April 30. 'Some of the geopolitical tension and Hispanic pullback also affected the Mexican [market], particularly the border region, which is very connected to the U.S.,' Quincey added on the call. The sentiment was backed by Jim Sabia, the president of Constellation Brands, which owns Modelo and Corona. Sales of Modelo, which overtook Bud Light as America's best-selling beer in 2023, have also dipped slightly lately. 'There is a fear of the ICE raids,' Sabia said at the Goldman Sachs Global Staples Forum last month. 'There's a fear out there, so these consumers are changing their behaviour,' Sabia said of Hispanic consumers. 'That's in the off-premise trade. In the on-premise trade, they're cutting back on social events. They're cutting back on restaurants.' President Donald Trump's trade tariffs are also likely impacting Hispanic consumers' shopping habits. In one of the company's monthly surveys earlier this year, Hispanic consumers said they were worried about the Trump administration's immigration crackdown and inflation from the tariff war. The survey found 75 percent of Hispanic consumers were scaling back on eating out and going to social gatherings where beer was served, The Journal noted. Likewise, the retailer JD Sports said it was noticing a 'huge decline in traffic' in its Shoe Palace stores, which have a large Latino customer base. CEO Regis Schultz said he could 'definitely' see the impact of the immigration policy on footfall. Coca-Cola's CEO said the company was also suffering following false rumors the company laid off Latino staff and reported them to ICE agents. The fake claims prompted Hispanic customers to boycott the drinks. 'It wasn't the first piece of misinformation, disinformation, or anything else nefarious about the Coca-Cola brand, and I'm sure it won't be the last,' Quincey said. 'But we are very focused on recovering from it.'
Reuters
6 hours ago
- Reuters
Galatasaray sign Bayern Munich's Sane
June 12 (Reuters) - Galatasaray have signed Germany winger Leroy Sane, who will join the club as a free agent on a three-year deal when he leaves Bayern Munich at the end of this month, Turkish Super Lig champions Galatasaray said on Thursday. The 29-year-old Sane said farewell to Bayern fans in a video posted on social media on Thursday. Sane, capped 70 times for Germany, has bagged 61 goals and registered 55 assists in 220 appearances for Bayern in all competitions. He has won four Bundesliga titles, DFL-Supercups, a UEFA Super Cup and the Club World Cup with the German champions. Sane joined Bayern in 2020 on a five-year deal from Manchester City, where he won the Premier League title in 2018 and 2019. ($1 = 0.8643 euros)
