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SLB (NYSE:SLB) has announced its decision to voluntarily delist its shares from Euronext Paris, citing low trading volumes and the increasing costs and administrative requirements of maintaining a dual listing. This decision follows the company's previous actions to delist from other exchanges, as SLB continues to streamline its operations and focus on its primary listing on the New York Stock Exchange (NYSE).
SLB, originally listed on the NYSE in 1962, has decided that a single listing on this exchange is sufficient for its needs. The delisting from Euronext Paris has been approved by the Board of Directors of Euronext Paris, and SLB's shares will continue to be traded on the NYSE under the symbol "SLB." This move reflects SLB's strategy to reduce unnecessary costs and administrative burdens, allowing the company to allocate resources more efficiently and concentrate on its core business activities.
Shareholders holding SLB shares on Euronext Paris, facilitated through Euroclear France (referred to as "SLB Euronext Shares"), are presented with two options following the delisting announcement. They can either retain their shares, which will continue to be tradable on Euronext Paris until the day before the delisting date and thereafter on the NYSE through The Depositary Trust Company (DTC). Alternatively, shareholders can participate in a voluntary sales facility, allowing them to sell all or part of their SLB Euronext Shares in accordance with the rules and regulations of Euronext Paris.
For those opting to utilize the voluntary sales facility, SLB has outlined a specific procedure. Shareholders should instruct their financial intermediaries to deliver their SLB Euronext Shares to Uptevia, the appointed centralizing agent, anytime from July 29, 2024, to August 12, 2024. These shares will then be sold on the NYSE starting August 15, 2024, at the prevailing market prices. The proceeds from these sales, converted into euros from U.S. dollars, will be transferred to participating shareholders by Uptevia once the funds are received.
SLB has committed to covering the fees associated with the centralization and brokerage costs related to the sale of SLB Euronext Shares under the voluntary sales facility. This gesture is aimed at minimizing the financial impact on shareholders choosing to divest their shares during this transition.
The delisting from Euronext Paris marks a significant step in SLB's efforts to optimize its corporate structure and focus on its primary market in the United States. By maintaining a single listing on the NYSE, SLB aims to streamline its administrative processes and reduce costs, while continuing to provide value to its shareholders through its robust presence on one of the world's leading stock exchanges.
