Siemens to de-list shares from London, Zurich
German engineering giant Siemens said Tuesday it will de-list its shares from the London and Zurich stock exchanges given low trading volumes.
"The managing board of Siemens has resolved to delist the ordinary shares of Siemens from the London Stock Exchange (LSE) and from the Swiss Stock Exchange (SIX Swiss Exchange AG)," the company said in a statement.
"Recently, trading in Siemens shares has been effected primarily in Germany and via electronic trading platforms. The trading volume of the Siemens shares on the LSE and on the SIX is comparatively low," it explained.
In 2013, the trading volume in London was less than 3.0 percent, and the trading volume on SIX was less than 1.0 percent of the worldwide trading volume of Siemens shares.
Siemens already de-listed from the New York Stock Exchange in mid-May.
So, "the delisting from the Swiss and London Stock Exchanges is the logical next step. The aim of the delistings reflects the change in investor behaviour," said chief financial officer Ralf Thomas.
The delisting from the LSE was expected to become effective early October 2014, while the SIX delisting would become effective in January 2015 at the earliest, Siemens said.
© 2014 AFP