Macron opposes putative TotalEnergies’ New York listing

PARIS, France — French President Emmanuel Macron on Monday said he was opposed to energy giant TotalEnergies moving its main stock listing to New York, an idea the firm’s management has floated.

Chief executive Patrick Pouyanne said last month that “there’s a case” to make the move from the Paris CAC 40 index to New York, on the grounds it tends to offer higher valuations and larger markets to tap into.

But Macron, asked by Bloomberg if he would be “happy” with such a move, responded: “Not at all and I would be very surprised” if it came to pass.

Pouyanne said last month that “it’s not emotional, it’s business”.

READ: Oil, gas majors post sliding profits on weaker prices

But he insisted that in any case, the CAC 40 mainstay’s HQ would remain in Paris.

TotalEnergies, which turns 100 this year, has secondary shares listed in London and New York