June 13, 2024
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Macron Urges Total Energies to Quit Talks of US Listing

France President Emmanuel Macron has urges TotalEnergies to stay in France Following talks of US listing. While responding to a question on the oil majors potential pursuit of a US listing in an interview on Wednesday, President Macron said that France supports companies that believe in the country.

“France accompanies those who believe in France, not the others. I don’t think Total has ever complained about being French when it went to export markets” he explained.

The company’s stay in France is important as it is a pillar of the country’s CAC 40 blue chip index. TotalEnergies is one of the world’s largest oil companies and an important agent of French influence. A change of listing would also be a blow to Paris’ prestige as a centre for international trading.

On April 26, the CEO of TotalEnergies, Patrick Pouyanne told analysts TotalEnergies was “seriously” looking at a possible primary listing in New York to ensure easier access for U.S. investors.

“We have more and more U.S. shareholders, and we have less European shareholders, including French shareholders – probably because of all the debate about ESG, etc,” Pouyanne said this month. He stressed his company would keep a French listing even if it opts to enter Wall Street.

Pouyanne has promised to report back to the board by September.

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