Mytilineos eyes potential dual listing in London
Greek energy giant Mytilineos has said it is eyeing a potential secondary listing in London before the end of next year.
The Athens-listed energy and metals firm, which operates in over 40 countries and carries a £4.5bn market capitalisation, said today that it is exploring the option to list internationally, with one potential destination being London.
The move comes as part of a wider “comprehensive strategic review”, as the company assesses organic and inorganic growth opportunities, its capital allocation model, optimal balance sheet structure and appropriate listing structure.
Should it opt for the UK, the firm would take a spot in the FTSE 100.
Mytilineos, listed in its home country since 1995, is already involved in UK operations as part of building out the Eastern Green Link 1 project for National Grid in a joint venture with UK business GE Vernova.
Clifford Chance is acting as the group’s international legal advisor, with EY assisting from an international tax perspective.
Shares in the company were up 6.9 per cent in morning trading today following the news.
The move would be a welcome boon to the embattled London Stock Exchange, which has been battered by the growing pace of de-listings and signals from companies that they might be better off elsewhere.
The most significant of these came two weeks ago, when comments from the chief executive of Shell, London’s largest listed entity, surfaced saying that the company was “undervalued” in London.
It is understood that no changes would be made to Shell’s listing framework while the company is in its so-called ‘sprint phase’ of maximising productivity for shareholders, scheduled to be completed at the end of 2025.
Ex-Shell chief executive Ben van Beurden further stoked the fire surrounding Sawan’s comments by agreeing with his successor, adding that the US would be a much friendlier place for fossil fuel companies to do business.
Mytilineos declined to comment further on its plans.