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7/20/09

Guardian UK/EU-Digest: McDonald's snubs EU and moves European HQ to Geneva - by Julia Kollewe


For the complete report from the guardian.co.uk click on this link

McDonald's snubs EU and moves European HQ to Geneva - by Julia Kollewe

McDonald's is shifting its European headquarters to Geneva, in a snub to the European Union, to benefit from Switzerland's advantageous intellectual property tax laws. The US fast-food chain is joining other foreign companies that have moved their European headquarters to a more favorable tax regime. US corporations that have based themselves in Switzerland include Kraft, Procter & Gamble, Colgate-Palmolive, Yahoo! and Google. McDonald's said its new European head office would be opened in Geneva before the end of the year. It will bring together all senior management, who are spread across four regional centers: London, Paris, Munich and Vienna. The company's European president, Denis Hennequin, who until now has split his time between London and Paris, will be among the executives making the move to Geneva.

Note EU-Digest: bottom line - McDonald, Kraft, Procter & Gamble, Colgate-Palmolive, Yahoo! and Google want and enjoy the benefits of the huge market, opportunities and profit the European Union offers, but not the obligations that come with it. Definitely an issue that needs to be looked into by the EU commissioner for competition.

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