Spanish firm files for delisting from New York Stock Exchange
By IANSThursday, February 24, 2011
Washington, Feb 24 (IANS/EFE) Spanish energy company Repsol-YPF officially informed the US Securities and Exchange Commission (SEC) of its decision to delist from the New York Stock Exchange, where its shares had been traded for almost 22 years.
In its filing Tuesday with the SEC, the firm formally requested that its American Depositary Shares - the vehicle used to list its equity on the stock exchange - be delisted.
Repsol debuted on the exchange, the world’s largest by market capitalization, May 11, 1989, the same day its shares were listed on the four Spanish stock exchanges following a privatisation process.
But Repsol said in a Feb 9 filing with the Spanish securities regulator that its board of directors had decided to delist the company’s shares from the New York Stock Exchange as a way to reduce “costs and administrative efforts” and to optimise its presence in international markets.
Among other factors that led to the decision, Repsol cited “relatively low trading volume of its securities in the United States - due to, among other factors … capital flows deregulation and the introduction of the euro”.
Repsol said then it will continue to use SEC criteria in reporting its proven crude and gas reserves.
In that earlier filing, Repsol said its ordinary shares will continue to trade on all the Spanish stock markets and on the Buenos Aires Stock Exchange.
–IANS/EFE
