Go Unlimited with Magzter GOLD

Go Unlimited with Magzter GOLD

Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just

$149.99
 
$74.99/Year
The Perfect Holiday Gift Gift Now

European giants try radical path to stock market glory

Financial Express Chennai

|

October 10, 2025

THE LATEST MOVES by European companies to list in the US are more radical than meets the eye.AstraZeneca and TotalEnergies want to upgrade their existing US equity offering to stock from from quasi stock—a well-trodden path. But as ever, the devil is in the detail.

- CHRIS HUGHES

Ineach case, the idea is to convert the firm’s American depositary receipts (ADRs) to ordinary shares. ADRs are a tradable legal wrapper for non-US stock; the underlying share is warehoused by a financial institution such as Bank of New York Mellon. The beauty of ADRs is that they simplify dealing in overseas companies for US investors, and give those corporations easy access to US demand. Switching to ordinary shares means grappling with the difficulties that ADRs circumvent.

First, consider AstraZeneca. In taking a full US listing, the settlement of its share trades moves to the US Depository Trust. Since it’s retaining the UKasa trading venue, the way its stock changes hands in London will have to now accommodate technical and regulatory constraints. This means wrapping the London shares ina legal structure called a depositary interest—which is free of UK stamp tax.

MORE STORIES FROM Financial Express Chennai

Financial Express Chennai

Strong debut for ICICI PruAMC

· Settles 19.5% above IPO price

time to read

1 min

December 20, 2025

Financial Express Chennai

Practo to seek banks for 2026 IPO

PRACTO TECHNOLOGIES, WHICH runs a digital health platform, is planning an initial public offering, according to people familiar with the matter, joining a wave of companies rushing to capitalise on India's buoyant market for first-time share sales.

time to read

1 min

December 20, 2025

Financial Express Chennai

Electronics is the dark horse in India-China trade

Trade deficit at new record low of $106 bn in 2025

time to read

1 min

December 20, 2025

Financial Express Chennai

Yen weakens across board after BOJ delivers rate hike

CENTRAL BANK SAYS IT WILL KEEP RAISING RATES IF FORECASTS MATERIALISE

time to read

1 min

December 20, 2025

Financial Express Chennai

Coca-Cola India profit up 46.3% to ₹615 crore

Revenue rises 7% in FY25

time to read

1 min

December 20, 2025

Financial Express Chennai

Funds for rural roads scheme see gross underutilisation

STATES’ SPENDING CAPACITY LIMITED

time to read

2 mins

December 20, 2025

Financial Express Chennai

China to allow export of rare earths for civilian use

CHINA ON FRIDAY said it will approve export of its rare-earth metals for civilian use, amid India's persistent calls for Beijing to lift curbs and resume the export of precious metals needed to manufacture a host of modern products.

time to read

1 min

December 20, 2025

Financial Express Chennai

How winter pushes every car to its limits

BE IT ICE CARS OR EVS, THE SEASON CAN BE TOUGH

time to read

2 mins

December 20, 2025

Financial Express Chennai

Goyal to visit Brussels to push EU FTA talks

COMMERCE AND INDUSTRY Minister Piyush Goyal will visit Brussels on January 8—9 to push forward negotiations on the free trade agreement (FTA) with the European Union (EU), which have gained momentum as both sides move closer to the India-EU Summit next month.

time to read

1 mins

December 20, 2025

Financial Express Chennai

'Expect a couple more REITs to come in by 2026'

While residential markets faced headwinds this year, the office sector recorded 60 million square feet of gross leasing between January and September 2025, the highest for the first nine months of any year.

time to read

2 mins

December 20, 2025

Listen

Translate

Share

-
+

Change font size

Holiday offer front
Holiday offer back