Irish stock market exits are symptom of wider EU unease

  • 📰 RTEbusiness
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 61%

United States News News

Irish people have a rich history of looking to the US for a better life.

That appears to be the thinking of Dublin-listed paper packaging company, Smurfit Kappa, which is joining a growing number of large Irish firms eyeing share trading in the US.

Earlier this month, €8bn Smurfit Kappa said it will delist from Dublin as part of an $11 billion swoop on the US's WestRock. Losing all four companies would erode over half the $172 billion market capitalisation of the Irish Stock Exchange, according to Reuters Breakingviews calculations.After all, its owner Euronext controls a vast network of exchanges including Milan, Amsterdam, Oslo and Paris with a combined value of $6.3 trillion.But the reality is these venues are fragmented and operate under different national rules.

That may explain why $190bn chemicals company Linde, in a blow to Euronext-rival Deutsche Boerse, abandoned its Frankfurt listing and is now listed solely in the US.The 10% bump in CRH's share price following its listing change reinforces that view.EU member states would have to sacrifice their own domestic rules and agree on creating a single market to allow companies to access investors across the 27 member states.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 16. in US

United States United States Latest News, United States United States Headlines