(AFP / LOU BENOIST)
TotalEnergies CEO Patrick Pouyanné is considering a primary listing on the New York Stock Exchange, “a legitimate question,” he told Bloomberg, referring to the rise of his North American institutional shareholder base, which has become almost a majority.
“I think this is a legitimate question,” said the leader of the flagship of the CAC 40, emphasizing that there was “a debate” there during an interview with Bloomberg.
“It’s not a question of emotion. It’s a question of business,” he added pragmatically.
The CEO was responding in particular to a question on the move of the main listing of the group, currently established in Paris, to the New York market. Today, the group already has titles registered in London and New York, but on a secondary basis.
“We are faced with a situation where European shareholders are selling or maintaining their stake, and where American shareholders are buying,” explained Mr. Pouyanné.
Since 2012, the share of North American institutional shareholding has increased from 33% to 48% (including 47% for the United States) in 2023 while that of Europe (excluding the United Kingdom) has increased from 45%. at 34% over the same period. Institutional ownership represents 78% of the company’s total ownership.
“The location of the head office is not in question, he said: it will remain in Paris,” Bloomberg further clarified in its article.
The leader notably mentioned Europe’s reluctance regarding its strategy which consists of continuing to invest in fossil fuels to continue to remunerate its shareholders and finance its transition to low-carbon energies.
“In Europe, instead of supporting European companies that want to make this transition, even if it is difficult, they look at us and say: look, you continue to produce oil and gas.”
TotalEnergies has always assumed this by maintaining that energy demand is increasing around the world and that fossil fuels which warm the planet’s temperatures cannot be replaced as quickly by clean energies. “Of course, I continue to produce oil and gas,” the leader repeated.
The group confirmed on Friday when presenting its results that it would devote, out of an investment envelope of 17-18 billion euros in 2024, 5 billion to “integrated electricity”. This division, which posted revenues up 65% in the first quarter year-on-year, covers electricity produced from solar and wind sources but also from gas, which emits CO2.
For several years, the group has strengthened itself in the United States, an oil country, both in American liquefied gas, of which it is the leading exporter, and in battery storage and renewable electricity projects.