"The grass is not always greener on US stock markets"
"the proposed structure would allow it to reach a broader mix of global investors and will make it even more attractive for all our shareholders to have the opportunity to participate in AstraZeneca's exciting future."
"There is probably relief that it's not pursuing a primary listing in New York, but the decision is hardly a ringing endorsement of London."
AstraZeneca will list shares directly on the New York Stock Exchange and replace American depositary receipts on Nasdaq. The company will remain headquartered in Cambridge and retain its London Stock Exchange listing. The New York listing will equalize US and UK share status and broaden access to global investors, including US pension funds. Shareholder approval is required. The US is the largest capital pool and pharmaceutical market; AstraZeneca recorded $23.2bn in US revenue last year, about 43% of total revenue, with US revenue expected to reach 50% by decade end. The decision raises questions about UK listing competitiveness and implications for UK growth ambitions.
Read at www.theguardian.com
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