However the company spins it, AstraZeneca's listing rejig spells long-term danger for London

One reaction to AstraZeneca's listing rejig is relief. The big worry was that the second largest company on the London Stock Exchange would skip off entirely to New York, keeping only a secondary listing in the UK as a face-saver for the government. That, fortunately, is not the plan.

- Nils Pratley

Instead, the pharma giant is upgrading its listing on the New York stock exchange to give it equal status with the ones in London and Stockholm. AstraZeneca will retain its UK headquarters and its presence in the FTSE 100 index. So, if one is determined to don rose-tinted spectacles, it's possible to pretend there's nothing fresh for London's capital markets to fret about.

The company says its new "harmonised" listing structure will merely make it easier for those US funds that aren't allowed to own American depositary receipts (ADRs, a wrapper provided by a handful of banks for US investors) to get their hands on full-fat AstraZeneca stock. "A global listing for global investors in a global company," as the cheerful corporate spin put it.