World's biggest spirits company Diageo Plc said that it intended to submit applications for delisting its shares from Euronext Paris and Euronext Dublin.
The maker of Johnnie Walker whisky, Tanqueray gin and Don Julio tequila said in a statement that the decision followed a review of the company's trading volumes, costs and administrative requirements related to the listings.
The delisting from Euronext Paris is expected to take effect around 26 May, while that from Euronext Dublin is expected to be around 30 May.
The delisting of Diageo’s ordinary shares from Euronext Paris is subject to the approval of the board of directors of Euronext Paris and the delisting of Diageo’s ordinary shares from Euronext Dublin is subject to the approval of Euronext Dublin, Diageo said.
Impact Of Delistings
Diageo said the delistings will not have any impact on its day-to-day operations in France or Ireland.
In addition, the spirits giant's listings on the London Stock Exchange (DGE) and the New York Stock Exchange (DEO) will not be impacted by the delistings from Euronext Paris and Euronext Dublin.
Further, Diageo said that investors whose shares are listed on Euronext Paris or Euronext Dublin are encouraged to consult with their own investment advisers as to how the delistings may affect them.
Recently, the drinks giant announced that chief executive Ivan Menezes plans to retire and leave the company at the end of June, after nearly a decade at the helm.
News by Reuters, additional reporting by ESM – your source for the latest drinks news. Click subscribe to sign up to ESM: European Supermarket Magazine.