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Ferguson could leave the FTSE 100 and list its shares in New York

by Rosie Treacy (2020-06-04)


Plumbing supplier Ferguson could leave the FTSE 100, as it appears to be preparing for a move to the US.

In case you beloved this information as well as you would want to acquire details relating to At Quality Service (Community.swnews4U.com) generously stop by the web site. The company, which owns the Wolseley brand, is hiving off its UK operations, under pressure from American activist investor Nelson Peltz.

Analysts said this could see Ferguson quit the stock market in London and list its shares in New York.






Plumbing supplier Ferguson, under pressure from an American activist investor. could potentially list its shares in New York


However, Wolseley UK will be a separate listed company on the stock market in London. Meanwhile Ferguson's chief executive, John Martin, is stepping down after three years at the helm and six as finance boss, to make way for a US replacement.

Kevin Murphy, who is based in Virginia, will take the reins when Martin retires in November.

His appointment, and a promise to consider the most appropriate listing structure, has led to speculation that the £14bn business may leave London.






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Russ Mould, investment director at AJ Bell, said: ‘Ferguson, which already reports its accounts in dollars, looks to be laying the groundwork for a shift in its listing from the UK to the USA.'

Billionaire Peltz invested in Ferguson through his vehicle Trian Partners earlier this year, pointing out that it was trading much more cheaply than its US peers.

Shares in the company edged up by 2.1pc, or 130p, to 6270p yesterday.






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