TotalEnergies Looking at Moving Primary Listing to New York, CEO Says

Dow Jones04-26

By Adria Calatayud

TotalEnergies Chairman and Chief Executive Patrick Pouyanne said the French energy major is considering moving its primary listing to New York, as European energy companies seek to narrow their valuation gap with U.S. peers.

The company's board asked Pouyanne to look at the move in light of the growing presence of U.S. investors in its shareholder base, he told analysts during an earnings call on Friday.

"There was a discussion with the board on the matter of the U.S. listing and we all agreed that we have to seriously look at it. We are working on it together with Jean-Pierre [Sbraire, TotalEnergies' Chief Financial Officer] and I plan to report to the board by September," Pouyanne said.

The board is keen to understand the valuation gap relative to U.S. peers, Pouyanne said.

TotalEnergies currently has an American depositary receipt program, but Pouyanne said the company is looking for ways to facilitate U.S. investors' appetite for its shares.

A potential transfer would make TotalEnergies the latest--and one of the highest profile--on a growing list of European companies to look across the pond for a listing venue.

British chip designer Arm Holdings last year opted to go public in the U.S., as did German shoemaker Birkenstock. U.K. gambling company Flutter Entertainment--the owner of FanDuel, PokerStars and Paddy Power among other brands--added a secondary listing in New York in January and is seeking to move its primary listing to Wall Street from London.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

April 26, 2024 10:25 ET (14:25 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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We are working on it together with Jean-Pierre [Sbraire, TotalEnergies' Chief Financial Officer] and I plan to report to the board by September,\" Pouyanne said. \n\n\n  The board is keen to understand the valuation gap relative to U.S. peers, Pouyanne said. \n\n\n  TotalEnergies currently has an American depositary receipt program, but Pouyanne said the company is looking for ways to facilitate U.S. investors' appetite for its shares. \n\n\n  A potential transfer would make TotalEnergies the latest--and one of the highest profile--on a growing list of European companies to look across the pond for a listing venue. \n\n\n  British chip designer Arm Holdings last year opted to go public in the U.S., as did German shoemaker Birkenstock. 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