All articles tagged with #us listing
Glencore has decided to keep its stock listing in London after a review, citing insufficient value in moving to the US despite potential benefits, amid its recent financial losses and strategic considerations. The company remains committed to the London market, with future review possibilities, and highlights the complexities of cross-border listings and their implications.
Ashtead, a major equipment hire firm, plans to move its primary stock listing from the London Stock Exchange to the US, citing its significant North American operations and the desire to attract US investors. This move is part of a trend of large companies shifting away from the UK market, raising concerns about the UK's investment appeal. Despite the relocation, Ashtead will maintain a UK listing and continue its investment plans in the UK. The decision comes amid lower-than-expected profits due to US market conditions and follows criticism over executive pay.
Billionaire Bill Ackman has announced plans to move Universal Music Group's (UMG) listing from Amsterdam to the U.S., citing recent attacks on Israeli soccer fans in Amsterdam as a catalyst. Ackman claims Pershing Square, which owns 10.25% of UMG, has a contractual right to initiate a U.S. listing. However, UMG disputes Ackman's claim, stating that while Pershing can request a U.S. listing, it cannot force UMG to change its domicile or delist from Amsterdam. UMG emphasizes that any decision will prioritize shareholder value.
TotalEnergies’ CEO, Patrick Pouyanné, has blamed the discount at which the company’s stock trades relative to its US competitors on its primary listing on a European stock market. However, the company has no plans to move its primary listing to the US. According to analysts, US supermajors ExxonMobil and Chevron are valued at around six times their cash flows, while TotalEnergies is valued at around 4x the cash flow, with UK-based BP and Shell valued even lower, at around 3 times their cash flows.
UK-based chip designing giant Arm, owned by Japanese conglomerate Softbank, has filed for a US share listing, aiming to raise up to $10bn. The company had previously announced it would not list its shares in London. Arm's chip designs are used by major manufacturers like Apple and Samsung. A successful listing would be welcome news for Softbank, whose Vision Funds have been hit by losses due to declining valuations of its investments in technology startups.