Frankfurt has been left reeling by plans from Linde to delist from the DAX index which could mean the departure of its most valuable group with a market capitalisation of €140bn.
Linde’s Board of Directors have approved a proposal for shareholders to vote on an “intercompany reorganisation” that would result in the delisting of Linde shares from the Frankfurt Stock Exchange, after determining that it had become “negatively impacted” by various factors associated with the stock being dual listed in the United States and Germany.
In a presentation, Linde said the current stock exchanges “were too small with respect to UCITS limits”, with Dax limiting the weighting of any of its 40 constituent companies to 10%, which negatively affects Linde’s stock performance.
If implemented, a new holding company would be created through an Irish scheme of arrangement and related domestic Irish merger.
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