(Reuters) – France supports companies that believe in the country, its president, Emmanuel Macron, said in an interview published on Wednesday, in response to a question about oil company TotalEnergies’ potential pursuit of a U.S. listing.
BECAUSE IT’S IMPORTANT
A pillar of France’s blue-chip CAC 40 index, TotalEnergies is one of the world’s largest oil companies and a key agent of French influence. A price change would also be a blow to Paris’ prestige as an international trade center.
KEY QUOTE
“France follows those who believe in France, not others. I don’t think Total ever complained about being French when it went into export markets,” Macron told L’Express magazine. “It is in TotalEnergies’ interest to remain in France”
CONTEXT
Constantly in the public spotlight over its carbon footprint and energy windfall, TotalEnergies is walking a public relations tightrope in its home country, where it offers pump discounts to drivers and is a major employer.
On April 26, Pouyanne told analysts that TotalEnergies was “seriously” considering a possible primary listing in New York to ensure easier access to US investors.
“We have more and more North American shareholders and we have fewer European shareholders, including French shareholders – probably because of all the debate about ESG etc,” Pouyanne said this month. He emphasized that his company would maintain a listing in France even if it chose to go on Wall Street.
WHAT IS THE NEXT
Pouyanne said he would report on the plans to council by September.
(Reporting by Augustin Turpin; Editing by Jan Harvey)
