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Business

Report: Siemens to De-list Shares from NYSE

German electronics giant Siemens is planning to de-list its shares from the New York Stock Exchange because of the high costs of maintaining a listing on Wall Street, the business daily Handelsblatt reported on Friday. "We're working on a de-listing," the newspaper quoted a Siemens insider as saying. A Wall Street listing was costing Siemens "a high double-digit millions of euros" directly and indirectly each year, the source said. Siemens declined to comment on the report. Handelsblatt said the German giant would present a share repurchase program for US investors to its shareholders at Siemens' upcoming annual meeting on Jan. 22. Siemens shares have been listed in New York since 2001. The original aim of the listing was to drum up funding for acquisitions. But only a tiny proportion of Siemens shares are traded on Wall Street. (AFP)