Technip ditches US listing
Posted: 30 July 2007
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Technip has applied for a voluntary delisting of its American Depositary Shares from the New York Stock Exchange. The Paris-based oil and gas service company has filed the required forms with the SEC last month and expects the delisting to become final on Nov 6.
More than 95% of the trading volume for its shares takes place at its primary listing on Euronext, which is now part of NYSE-Euronext.
The additional costs and expenses associated with dual registration are not cost-justified, a statement from the company said.
The company said it has also set-up its accounts in accordance with International Financial Reporting Standards making it unnecessary to publish consolidated accounts under two accounting standards.
But Technip said it will remain “committed” to developing its contacts with American investors, who represent an important part of the Group's shareholding structure. |
