Greek energy giant Mytilineos has said it is looking at a potential secondary listing in London before the end of next year.
The Athens-listed energy and metals company, which operates in over 40 countries and has a market capitalization of £4.5 billion, said today it is exploring the possibility of listing internationally, with London as a potential destination.
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.
If it were to choose the UK, the company would take a place in the FTSE 100.
Listed in its home country since 1995, Mytilineos is already involved in UK operations as part of the build-up of the Eastern Green Link 1 project for National Grid in a joint venture with UK company GE Vernova.
Clifford Chance acts as the group’s international legal advisor, with EY assisting from an international tax perspective.
Shares in the company rose 6.9 percent in morning trading today following the news.
The move would be a welcome boon to the beleaguered London Stock Exchange, which has been hit by the increasing pace of delistings and signals from companies that they may be better off elsewhere.
The most significant of these came two weeks ago, when comments emerged from the CEO of Shell, London’s largest listed entity, saying the company was “undervalued” in London.
It is understood that no changes will be made to Shell’s listing framework while the company is in its so-called “sprint phase” to maximize productivity for shareholders, scheduled to be completed by the end of 2025.
Ex-Shell CEO Ben van Beurden further fueled 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 his plans.
