Houston-based technology provider TechnipFMC plc announced Jan. 10 plans to voluntarily delist its shares from Euronext Paris in the Netherlands.
In the wake of a new, partial spin-off of Technip Energies and the gradual sell-down of TechnipFMC's lingering ownership stake, the company's plans to delist have been reviewed and approved by the Board of Directors of Euronext Paris SA, according to Business Wire. The company’s shares will continue to remain listed on the New York Stock Exchange (NYSE).
"These actions have led the Board of Directors to conclude that a single listing on the New York Stock Exchange is more consistent with the company’s strategic refocus and shareholder base and allows the company to better align with its most appropriate peer set," Business Wire reported.
Through prioritizing its base of operations in Texas, TFMC has refocused as a pure-play technology and services provider by supplying traditional and new energies industries, the report stated. TechnipFMC also hopes to reduce costs, administrative duties, and managerial time.
Those who currently possess TechnipFMC shares through Euronext will be able to keep or sell their shares. TFMC Euronext shares will continue to be accessible for trade and sale until Feb. 17. However, shareholders that decide not to participate in a voluntary sales facility cannot be guaranteed on the terms that will be applied by their financial intermediary after the final trading date, according to the report.
TechnipFMC encourages shareholders interested in participating in the voluntary sales facility to request their financial intermediaries deliver their shares for sale by Jan. 31, the report stated.