Capital Markets

Tenneco: Farewell, London

The company plans to pull out of the London Stock exchange at the end of March.
Stephen TaubFebruary 29, 2008

Tenneco Inc. said it will withdraw its listing from the London Stock Exchange, effective March 31.

The automotive systems maker said cited the limited trading of its shares on the exchange and the appeal of reducing the administrative costs inherent with multiple listings.

“Tenneco does not believe that withdrawing its listing from the London Stock Exchange will have any impact on the liquidity of its stock,” it assured in a press release. The common stock will continue to be listed on the New York Stock Exchange and the Chicago Stock Exchange.

Tenneco was trading on the main LSE, not the fledgling, loosely regulated AIM market.

It is not uncommon for companies with multiple listings to delist from exchanges other than their main one if trading is light.

Well over 100 companies have filed a Form 15F to deregister from U.S. stock exchanges since June 2007, when a new Securities and Exchange Commission rule went into effect making it easier for foreign companies to exit U.S. markets.