Resumen: In recent decades, the largest European worker cooperatives, and those that are the most emblematic in their countries, have been transformed into multinational companies. This article examines workers’‐cooperative multinationality by providing a classifying tool based on the interaction between control rights and return rights held by foreign employees in the subsidiaries of multinational cooperatives. We illustrate our matrix of cooperative multinationality by classifying an internationalized historical cooperative, Up Group (formerly Chèque Déjeuner, SCOP). In the last few decades, the French cooperative Up has become a hybrid multinational player in the employee benefits industry by setting up capitalist subsidiaries both in France and overseas. The case study also reports on Up's innovative attempt to produce a global cooperative or a more democratic multinational enterprise through converting subsidiaries’ employees into associates. Idioma: Inglés DOI: 10.1111/apce.12450 Año: 2023 Publicado en: Annals of Public and Cooperative Economics 94, 4 (2023), 1061-1084 ISSN: 1370-4788 Factor impacto JCR: 2.5 (2023) Categ. JCR: ECONOMICS rank: 153 / 600 = 0.255 (2023) - Q2 - T1 Factor impacto CITESCORE: 3.8 - Sociology and Political Science (Q1) - Economics and Econometrics (Q2)