NYSE Euronext wins first London listing
Groupe Eurotunnel will delist
from the London Stock Exchange (LSE) to become the first listing on NYSE
Euronext's London-based market, with the Channel Tunnel infrastructure provider
citing easier access to liquidity as a factor behind its decision.
Groupe Eurotunnel will begin
trading on NYSE Euronext London from 19 July, making it the first company to
offer its shares via the venue since its launch two years ago.
“The Channel Tunnel is a
worldwide achievement which attracts the best class of investors from around
the world. Today’s move will allow investors to have easier access to Groupe
Eurotunnel shares,” said Jacques Gounon, chairman and CEO of Groupe Eurotunnel.
The firm already has a listing
on NYSE Euronext’s Paris bourse, in addition to its current LSE listing. NYSE Euronext said that moving to its London listings venue would offer investors the
advantage of trading the stock on a single platform at a single price,
denominated in euros.
“Groupe Eurotunnel will
immediately benefit from our leading position in the European cash markets and
gain access to a deep and liquid investor base from the UK, Eurozone, and
global investor community,” said Dominique Cerutti, president and deputy CEO at
Groupe Eurotunnel’s LSE
listing will be cancelled on 20 July, meaning there will be one day of overlap
during which the stock will be available for trading on both the LSE and NYSE
According to the Fragulator, a
tool developed by trading technology provider Fidessa that offers insight into
a stock’s fragmentation, virtually all of the €136.6 million worth of Groupe
Eurotunnel shares listing in London were traded OTC in the month ending 19 June.
Just over 23% of the company’s
Paris listing was traded on NYSE Euronext, with 14.6% executed on multilateral trading
facilities and 61% traded over-the-counter.