(Reuters) – France supports companies that believe in the country, its President Emmanuel Macron said in an interview published on Wednesday, in response to a question on oil major TotalEnergies’ potential pursuit of a U.S. listing.
WHY IT’S IMPORTANT
A pillar of France’s CAC 40 blue chip index, TotalEnergies is one of the world’s largest oil companies and an important agent of French influence. A change of listing would also be a blow to Paris’ prestige as a centre for international trading.
KEY QUOTE
“France accompanies those who believe in France, not the others. I don’t think Total has ever complained about being French when it went to export markets”, Macron told magazine L’Express. “It’s in TotalEnergies’ interest to stay in France”
CONTEXT
Constantly in public focus over its carbon footprint and windfall energy profits, TotalEnergies is walking a PR tightrope in its home country where it offers pump rebates to drivers and is a large employer.
On April 26, Pouyanne told analysts TotalEnergies was “seriously” looking at a possible primary listing in New York to ensure easier access for U.S. investors.
“We have more and more U.S. shareholders, and we have less European shareholders, including French shareholders – probably because of all the debate about ESG, etc,” Pouyanne said this month. He stressed his company would keep a French listing even if it opts to enter Wall Street.
WHAT’S NEXT
Pouyanne said he would report back on the plans to the board by September.
(Reporting by Augustin Turpin; Editing by Jan Harvey)
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