Patrick Pouyanne, CEO of the French oil and gas company TotalEnergies SE, plans to list the company's shares on the New York Stock Exchange in an attempt to attract more American investors and increase the liquidity of the shares. This is reported by foreign media with reference to Patrick Pouyanne's statement at the Investor Day in New York.
TotalEnergies develops the technical aspects of the process with central securities depositories in Europe and the USA. The company's plan to convert American depositary receipts (9% of TotalEnergies shares) into ordinary shares is "under development" with the support of the TotalEnergies board of Directors in an effort to increase the share price, which is inferior to the share prices of similar companies in the United States.
American investment companies show more interest in oil and gas assets than European companies, which are limited by investment rules related to environmental, social and management standards.
To reassure the French authorities, who were worried about the weakening of the Paris Stock Exchange as a result of such a decision, Pouyanne promised to maintain a parallel listing in Paris and on other European exchanges, as well as the headquarters of TotalEnergies in France.
TotalEnergies SE is a French oil and gas company and one of the largest energy companies in the world. The main activity of the company is focused on the exploration and production of oil and gas, refining of oil and petroleum products and energy distribution. The headquarters is located in Paris (France) with assets in 130 countries.
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