Vodafone Group Plc is moving cash from Greece into the U.K.“every evening,” mirroring efforts by companies such asGlaxoSmithKline Plc, WPP Plc and Reckitt Benckiser Group Plc tohedge against the European debt crisis.

Vodafone, the world's biggest mobile-phone company, is alsolooking at billing in a different currency “if the situationarises,” Chief Financial Officer Andy Halford said on a conferencecall today. Asked about the possibility of a Greek default, he said“it's obviously something we've been having a close look at.”

The cash sweep by Newbury, England-based Vodafone shows how U.K.companies are trying to protect themselves against potentialwritedowns and losses in countries using the euro. DrugmakerGlaxoSmithKline started repatriating cash held in most euro-areabanks early last year. WPP Finance Director Paul Richardson saidyesterday that the biggest advertising company rounds up excesseuros from its banks in Europe and moves them to the U.S. wherethey are exchanged for dollars every day.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.