French telecommunications giant Orange has announced its intention to withdraw its shares from the New York Stock Exchange, citing the substantial financial and administrative burdens associated with maintaining a secondary listing. The company’s board of directors made the decision after careful deliberation, driven primarily by a desire to streamline its administrative workload rather than achieve significant cost savings.
According to an Orange spokesperson, the move is expected to yield only modest cost reductions compared to the company’s overall expenses. However, the delisting is anticipated to bring about a welcome simplification of reporting requirements, thanks to the standardized Euronext system.
Orange plans to submit an application to the Securities and Exchange Commission in the fourth quarter of this year to initiate the delisting process, which is expected to take effect 10 days after filing. The company has reassured its stakeholders that the exit from the NYSE will have no impact on its U.S. clients, partners, or market presence.
In addition, Orange will proceed with the deregistration of two sets of debt securities, previously issued on the NYSE. The move marks a significant shift in the company’s strategy, as it seeks to optimize its operations and reduce unnecessary complexities.
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