SLB announces voluntary delisting from Euronext Paris
SLB (NYSE: SLB) has announced its decision to voluntarily delist from Euronext Paris, citing low trading volumes and increasing costs associated with maintaining a dual listing. The company will maintain its primary listing on the New York Stock Exchange (NYSE) under the symbol 'SLB'. Shareholders of SLB Euronext Shares have two options: keep their shares for trading on NYSE after delisting, or participate in a voluntary sales facility to sell their shares.
The voluntary sales facility will run from July 29 to August 12, 2024. Shares will be sold on NYSE starting August 15, 2024. The last trading day on Euronext Paris will be August 16, 2024, with official delisting on August 19, 2024. SLB will cover centralization and brokerage fees for the sales facility. Shareholders are advised to consult their investment advisors before deciding to participate in this process.
SLB (NYSE: SLB) ha annunciato la sua decisione di uscire volontariamente dalla Euronext Paris, citando bassissimi volumi di scambio e costi crescenti associati al mantenimento di una doppia quotazione. L'azienda intende mantenere la sua quotazione principale presso il New York Stock Exchange (NYSE) con il simbolo 'SLB'. Gli azionisti delle azioni SLB Euronext hanno due opzioni: tenere le loro azioni per il trading su NYSE dopo l'uscita, oppure partecipare a un'offerta di vendita volontaria per vendere le loro azioni.
La procedura di vendita volontaria si svolgerà dal 29 luglio al 12 agosto 2024. Le azioni saranno vendute su NYSE a partire dal 15 agosto 2024. Il ultimo giorno di contrattazione su Euronext Paris sarà il 16 agosto 2024, con il delisting ufficiale previsto per il 19 agosto 2024. SLB coprirà le spese di centralizzazione e di intermediazione per la procedura di vendita. Si consiglia agli azionisti di consultare i propri consulenti finanziari prima di decidere di partecipare a questo processo.
SLB (NYSE: SLB) ha anunciado su decisión de excluirse voluntariamente de Euronext París, citando bajos volúmenes de negociación y costos crecientes asociados al mantenimiento de una doble cotización. La empresa mantendrá su cotización principal en la Bolsa de Nueva York (NYSE) bajo el símbolo 'SLB'. Los accionistas de las acciones de SLB en Euronext tienen dos opciones: mantener sus acciones para negociar en la NYSE después de la exclusión o participar en un mecanismo de venta voluntaria para vender sus acciones.
El mecanismo de venta voluntaria funcionará desde 29 de julio hasta 12 de agosto de 2024. Las acciones se venderán en la NYSE a partir del 15 de agosto de 2024. El último día de negociación en Euronext París será el 16 de agosto de 2024, con el deslistado oficial el 19 de agosto de 2024. SLB cubrirá las tarifas de centralización y corretaje para el mecanismo de ventas. Se aconseja a los accionistas que consulten a sus asesores de inversión antes de decidir participar en este proceso.
SLB (NYSE: SLB)는 낮은 거래량과 이중 상장 유지와 관련된 증가하는 비용을 이유로 유로넥스트 파리에서 자발적으로 상장 폐지하기로 결정했다고 발표했습니다. 회사는 ‘SLB’라는 기호로 뉴욕 증권 거래소(NYSE)에 주식 상장을 유지할 것입니다. SLB 유로넥스트 주주들은 두 가지 선택권이 있습니다: 상장 폐지 이후 NYSE에서 거래할 주식을 유지하거나 자발적인 판매 제도에 참여하여 주식을 판매하는 것입니다.
자발적인 판매 제도는 2024년 7월 29일부터 2024년 8월 12일까지 진행됩니다. 주식은 2024년 8월 15일부터 NYSE에서 판매됩니다. 유로넥스트 파리에서의 마지막 거래일은 2024년 8월 16일이며, 공식 상장 폐지는 2024년 8월 19일에 이루어질 것입니다. SLB는 판매 제도에 대한 중앙화 및 중개 수수료를 부담할 것입니다. 주주들은 이 과정에 참여하기로 결정하기 전에 투자 전문가와 상담할 것을 권장합니다.
SLB (NYSE: SLB) a annoncé sa décision de se retirer volontairement d'Euronext Paris, citant des volumes de négociation faibles et des coûts croissants liés au maintien d'une double cotation. La société maintient sa cotation principale sur le New York Stock Exchange (NYSE) sous le symbole 'SLB'. Les actionnaires des actions Euronext de SLB ont deux options : conserver leurs actions pour négocier sur le NYSE après le retrait, ou participer à un dispositif de vente volontaire pour vendre leurs actions.
Le dispositif de vente volontaire fonctionnera du 29 juillet au 12 août 2024. Les actions seront vendues sur le NYSE à partir du 15 août 2024. Le dernier jour de négociation sur Euronext Paris sera le 16 août 2024, avec un retrait officiel le 19 août 2024. SLB couvrira les frais de centralisation et de courtage pour le dispositif de vente. Il est conseillé aux actionnaires de consulter leurs conseillers en investissement avant de décider de participer à ce processus.
SLB (NYSE: SLB) hat beschlossen, sich freiwillig von Euronext Paris abzumelden, da geringe Handelsvolumina und steigende Kosten im Zusammenhang mit der Erhaltung einer Doppelnotierung angeführt werden. Das Unternehmen wird seine Primärnotierung an der New Yorker Börse (NYSE) unter dem Symbol 'SLB' aufrechterhalten. Die Aktionäre der SLB Euronext-Aktien haben zwei Optionen: ihre Aktien zu behalten und nach der Abmeldung an der NYSE zu handeln oder an einer freiwilligen Verkaufsstelle teilzunehmen, um ihre Aktien zu verkaufen.
Die freiwillige Verkaufsstelle läuft vom 29. Juli bis zum 12. August 2024. Aktien werden ab dem 15. August 2024 an der NYSE verkauft. Der letzte Handelstag an Euronext Paris ist der 16. August 2024, mit der offiziellen Abmeldung am 19. August 2024. SLB übernimmt die Zentralisierungs- und Maklergebühren für die Verkaufsstelle. Den Aktionären wird geraten, vor der Entscheidung zur Teilnahme an diesem Prozess ihre Anlageberater zu konsultieren.
- Reduction in administrative costs and managerial time by delisting from Euronext Paris
- Company covering fees for centralization and brokerage related to the voluntary sales facility
- Potential decrease in liquidity for European investors after delisting from Euronext Paris
- Possible short-term share price volatility due to the delisting process
SLB's decision to voluntarily delist from Euronext Paris is a strategic move that reflects the company's focus on streamlining its operations and reducing unnecessary costs. This decision is unlikely to have a significant impact on the company's overall financial performance or investor sentiment for several reasons:
- The primary listing on the New York Stock Exchange (NYSE) will be maintained, ensuring continued access to capital markets and liquidity for investors.
- The low trading volumes on Euronext Paris suggest that the delisting will have minimal impact on overall trading activity.
- The move is expected to result in cost savings related to administrative requirements and managerial time associated with maintaining a dual listing.
From an investor's perspective, this decision may actually be viewed positively as it demonstrates the company's commitment to operational efficiency. However, it's important to note that European investors may face some challenges in trading SLB shares after the delisting, as they will need to trade through U.S. facilities.
The voluntary sales facility offered by SLB is a thoughtful approach to assist European shareholders in the transition. This facility, which runs from July 29 to August 12, 2024, provides a convenient option for shareholders to sell their shares on the NYSE without incurring additional fees. However, investors should be aware of the potential risks associated with market price fluctuations and currency exchange rates during this process.
In the long term, this move aligns with the global trend of companies simplifying their listing structures to reduce complexity and costs. It's a strategic decision that should not materially affect SLB's financial health or market position, but rather contribute to a more streamlined corporate structure.
The voluntary delisting of SLB from Euronext Paris is part of a broader trend we're seeing in the global markets. Companies are increasingly reevaluating their multiple listing strategies, particularly when secondary listings show low trading volumes. This move by SLB is indicative of a shift towards consolidation and efficiency in capital markets.
From a market perspective, the impact of this delisting is likely to be minimal. The NYSE, as SLB's primary exchange since 1962, accounts for the vast majority of the company's trading volume. The low trading volumes on Euronext Paris suggest that the European listing was not significantly contributing to the company's liquidity or price discovery.
However, this decision does raise some interesting points about market access and investor behavior:
- European retail investors may find it slightly more challenging to trade SLB shares, potentially leading to a small reduction in the company's European retail investor base.
- Institutional investors, who typically have easy access to multiple markets, are unlikely to be significantly affected.
- This move might prompt other dual-listed companies to reassess their listing strategies, potentially leading to a wave of similar delistings in the future.
The voluntary sales facility offered by SLB is a commendable effort to ease the transition for European shareholders. By covering the associated fees, SLB is demonstrating good faith and shareholder consideration. However, investors should be aware that the sales facility runs for only two weeks (July 29 to August 12, 2024), which may create some time pressure for decision-making.
In conclusion, while this delisting is unlikely to cause significant market disruption, it's a noteworthy development in the ongoing evolution of global market structures and corporate strategies for managing international presence.
SLB (NYSE: SLB) today announced that it will proceed with a voluntary delisting of its shares (ISIN: AN8068571086) from Euronext Paris.
Consistent with its prior decisions to delist from other exchanges, SLB reviewed the low trading volumes on the Euronext Paris and, given the increasing costs, administrative requirements and managerial time required to maintain a dual listing, has requested a voluntary delisting from the Euronext Paris.
SLB became a public company in 1962 with its orignal listing on the New York Stock Exchange (NYSE), which has been its primary exchange. SLB will maintain its single listing on NYSE under the symbol “SLB”.
The delisting has been approved by the Board of Directors of Euronext Paris and the company’s shares will remain listed on the NYSE under the symbol “SLB”.
The holders of SLB shares traded on Euronext and held through the facilities of Euroclear France (the “SLB Euronext Shares”) will have the following options:
- keep their SLB Euronext Shares, which they will be able to trade on Euronext Paris until the day before the delisting date and on the NYSE thereafter through the facilities of The Depositary Trust Company (“DTC”), subject to the terms applied by their financial intermediary and their custody arrangements; or
- participate in a voluntary sales facility (described below) to sell all or part of their SLB Euronext Shares, in accordance with the rules and regulations of Euronext Paris.
For the avoidance of doubt, holders of SLB Euronext Shares will be able to trade on Euronext Paris until August 16, 2024 (the last trading date prior to the delisting).
Procedure of the Voluntary Sales Facility
Shareholders who wish to sell their SLB Euronext Shares utilizing the voluntary sales facility should request that their financial intermediaries deliver their SLB Euronext Shares to Uptevia, acting as centralizing agent, at any time from July 29, 2024, to August 12, 2024 (inclusive).
SLB Euronext Shares delivered to Uptevia will be sold on the NYSE as from August 15, 2024, at the market price prevailing at the time of sale.
Uptevia will calculate the average sales price of SLB Euronext Shares sold during the sales period and transfer the sale proceeds (which will be converted into euros from
The company will pay the fees for the centralization and the brokerage fee related to the sale of SLB Euronext Shares delivered to Uptevia as part of the voluntary sales facility.
This voluntary sales facility procedure is also described in a Euronext notice to be published on July 25, 2024.
Please note that no guarantee can be given by the company or by Uptevia as to the price at which the SLB Euronext Shares tendered pursuant to the voluntary sales facility will actually be sold. This process is being provided solely as an accommodation to holders of SLB Euronext Shares.
Shareholders may decide not to participate in the voluntary sales facility or may decide not to take any action, in which case no guarantee can be given to them on the terms that will be applied by their financial intermediary after the delisting. Shareholders are urged to consult their own investment advisors before making a decision to participate or not in this process.
The calendar of the voluntary sales facility and the delisting of the company described above is summarized as follows (it being specified that the company reserves the right to amend this calendar):
Event |
Date |
Voluntary Sales Facility |
|
Beginning of the voluntary sales facility |
July 29, 2024 |
End of the voluntary sales facility |
August 12, 2024 |
End of the centralization by Uptevia |
August 14, 2024 (before 4:00 PM Paris time) |
Sale on the NYSE of the shares tendered in the voluntary sales facility |
Beginning August 15, 2024 |
Settlement of the proceeds of the sale to the relevant financial institutions |
As soon as possible after receipt of the proceeds of the sale |
Delisting |
|
Last day of trading of the company’s shares on Euronext Paris |
August 16, 2024 |
Delisting of SLB Euronext Shares on Euronext Paris |
August 19, 2024 |
Shareholders participating in the voluntary sales facility are reminded that they acknowledge and accept the risks related to the change in the share market price and/or applicable foreign exchange rates between the date on which their shares are delivered to Uptevia for participation in the voluntary sales facility and the receipt of the applicable average sale proceeds. All tenders of SLB Euronext Shares under the voluntary sales facility will be irrevocable.
Shareholders who would like additional information about the voluntary sales facility or the delisting procedure may contact their custodian and usual financial intermediary, who has received the details of the delisting or the company by email at investor-relations@slb.com.
About SLB
SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.
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Media
Moira Duff – Director of External Communications
SLB
Tel: +1 (713) 375-3407
media@slb.com
Investors
James R. McDonald – SVP of Investor Relations & Industry Affairs
Joy V. Domingo – Director of Investor Relations
SLB
Tel: +1 (713) 375-3535
investor-relations@slb.com
Source: SLB
FAQ
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