May 2, 2024
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France to Battle TotalEnergies Over Potential Move to NYSE

France's Finance Minister vows to prevent oil giant TotalEnergies from moving its primary stock listing to New York, citing national interest and the company's role in consumer protections.
France to Battle TotalEnergies Over Potential Move to NYSE
French finance minister Bruno Le Maire

French Finance Minister Bruno Le Maire is vehemently opposing TotalEnergies' potential relocation of its primary stock listing to Wall Street, asserting that such a move would harm French interests. "My role is to ensure this doesn't happen," Le Maire declared. He underscored the importance of retaining a major energy company like TotalEnergies within France's borders.

Le Maire further highlighted TotalEnergies' instrumental role in establishing a €2 per liter fuel price cap, a measure implemented to safeguard French consumers against escalating energy costs.

TotalEnergies CEO Patrick Pouyanne previously indicated to Bloomberg the company was exploring a shift of its primary listing to New York. Currently, TotalEnergies trades on Euronext Paris, with secondary listings in London and New York.

Pouyanne attributes the potential relocation partly to Europe's climate change policies. TotalEnergies has experienced increasing difficulty securing capital due to European investment funds divesting from fossil fuel initiatives. Pouyanne expressed that European lawmakers, while emphasizing urgent climate action, fail to adequately support oil and gas companies seeking a gradual transition to carbon-free energy models.

Additionally, TotalEnergies notes that a significant 39% of its global shareholders reside in the United States.

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