It will soon be over for TechnipFMC on the Paris Stock Exchange. Following an in-depth review of its strategic objectives, the oil services company announced on Monday evening that it will voluntarily delist its shares from the regulated market of Euronext Paris.
Following the partial demerger of Technip Energies and the gradual sale of the Technip Energies shares it had retained, TechnipFMC has refocused on its business of supplier of technologies and services in the field of traditional energies and new energies, explains the company in its press release. Its operational headquarters are also now mainly in Houston.
Two options for the shareholder
” These reasons led the Board of Directors to conclude that a single listing on the New York Stock Exchange [sur le NYSE] is more coherent with regard to the strategic refocusing of the company and its shareholders, and [lui] allows you to be positioned in a better match with your reference group. In addition, the company believes that the savings in fees, administrative burdens and management time spent maintaining a dual listing can be redirected to other initiatives that help create shareholder value. “
In a note entitled “End of the ‘French Connection'”, Jefferies analysts believe that a single listing in the United States could allow TechnipFMC to reduce its discount compared to American competitors Schlumberger, Halliburton, Baker Hughes and Nov.
Therefore, holders of TechnipFMC shares listed on Euronext Paris will be able to choose among the following options: keep their TFMC Euronext shares, which they can trade on Euronext Paris until the delisting date (excluded), i.e. February 18 , and then on the NYSE, subject to the conditions imposed by their financial intermediary and their terms of ownership; or participate in a voluntary transfer offer to sell all or part of their shares held on Euronext.
TechnipFMC sells 9 million Technip Energies shares
This voluntary transfer operation begins on Wednesday January 12 and ends on January 31. The last trading day on Euronext Paris is February 17.
The action drops 4% on Tuesday. Conversely, Technip Energies gained more than 5%. At the same time, the latter announced that it will buy back 1.8 million of its own shares from TechnipFMC, which reported the sale of 9 million shares for 118.4 million euros. He still retains 7% of the capital.