General Electric Co (NYSE:GE) has joined the exodus from the UK stock market with any British-based holders told to make alternative arrangements if they want to keep their stake in the US engineering giant.
In a statement, GE said the company, which operates here as GE Aerospace and has a standard listing, said the decision was part of 'a simplification project across multiple jurisdictions and followed a comprehensive review of the trading volume, cost and administrative requirements related to the LSE Listing',
It’s not just London that GE is dumping. Shares in the group will also be delisted from Euronext Paris and SIX Swiss Exchange.
While it must be questionable how much trading in GE shares was carried out in London given it is (was) the quintessential US company, it underlines how liquidity across the board is a major issue for UK stock markets.
Following the LSE delisting, it will no longer be possible to trade its shares on the LSE, GE said in a statement, adding it will continue to maintain the primary listing of its shares on the New York Stock Exchange.