Dublin-based building materials maker CRH Plc plans to move its primary listing to New York from London, becoming the latest company to favor the US over the UK.
(Bloomberg) — Dublin-based building materials maker CRH Plc plans to move its primary listing to New York from London, becoming the latest company to favor the US over the UK.
“We have now come to the conclusion that a US primary listing would bring increased commercial, operational and acquisition opportunities for CRH, further accelerating our successful integrated solutions strategy and delivering even higher levels of profitability, returns and cash for our shareholders,” the company said in a statement today.
CRH is the latest in a string of companies that are favoring the US market over London for its wider investor base and bigger pool of capital. Arm Ltd. has decided against selling shares on the London Stock Exchange for now, dealing a blow to UK politicians who were lobbying the home-grown technology giant ahead of its initial public offering.
This change in listing structure will have no impact on CRH, which will remain headquartered, incorporated and tax-resident in Ireland, the statement said. The stock surged 11% after reporting results that beat expectations. The company currently has a primary listing in London with a secondary one in Dublin.
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