LONDON, Sept. 29 (Xinhua) -- AstraZeneca on Monday unveiled plans to harmonize its share listings across London, Stockholm and New York by directly listing the drugmaker's ordinary shares on the New York Stock Exchange, replacing its existing American depositary receipts.
The move is designed to create what the company calls "a global listing for global investors," broadening access to its stock while keeping its headquarters, tax residence and primary governance in Britain. AstraZeneca will remain listed on the London Stock Exchange and Nasdaq Stockholm, and continue to feature in the FTSE 100 and OMX Stockholm 30 indices.
AstraZeneca's Chair Michel Demare said the overhaul supports AstraZeneca's long-term growth ambitions. "Enabling a global listing structure will allow us to reach a broader mix of global investors and make it even more attractive for all our shareholders to participate in AstraZeneca's future."
The announcement highlighted the growing pressure on London's capital market, which has seen a steady erosion of high-profile listings as companies either relocate abroad or choose to list in New York.
AstraZeneca, the largest company on the FTSE 100, recently paused a planned 200 million pound (about 269 million U.S. dollars) investment in its Cambridge research site.
These moves come at a time when U.S. policymakers sharpen their focus on the pharmaceutical industry, with rising calls for more investment and production on American soil.
The plan will get underway before shareholders meet at a general meeting on Nov. 3. ■
