Economy and Finance Minister Bruno Le Maire said on Thursday that he intends to fight to ensure that the planned move of French giant TotalEnergies’ main listing from Paris to New York “does not happen”.
“I’m here to make sure that doesn’t happen because I think it’s a serious decision,” Mr Le Maire said on BFMTV/RMC. “Is it in the nation’s best interest to keep Total’s headquarters in France and Total’s main listing in France? Yes, and so I will fight for it,” he added. “We need Total. I have had the opportunity to say on several occasions how much it has benefited France to have a large oil company like Total,” he underlined, referring to the ceiling of less than 2 euros per month on a group of liters of fuel at the pump during a sharp increase in energy prices.
“A Question of Business”
In late April, TotalEnergies CEO Patrick Pouyanné said he was considering an initial public offering on the New York Stock Exchange, citing the rise of its North American institutional shareholder base, which has become a near majority, in an interview with Bloomberg. . “It’s not a matter of emotions. It’s a business question,” added the manager, while ensuring that the CAC 40 flagship will remain headquartered in Paris.
In particular, Pouyanné mentioned Europe’s reluctance regarding its strategy of continuing to invest in fossil fuels to continue rewarding its shareholders and finance its transition to low-carbon energy. The mayor estimated on Thursday that the “best way” to meet the financial needs of TotalEnergies is to create a capital markets union (CMU) in the European Union, after which France calls to influence the savings of Europeans to finance the energy and digital transformation. .
Today, TotalEnergies already has securities listed in London and New York, but on a secondary basis. Since 2012, the share of institutional share in North America has increased from 33% to 48% (including 47% for the United States) in 2023, while the share in Europe (excluding the UK) has increased from 45% to 34%. the same period. Institutional ownership represents 78% of the company’s total ownership.