Canal+ premiere on London Stock Exchange boosts struggling market
- Shares will provide a much-needed lift to City
- London on course for worst year for corporate exits since financial crisis
- Canal+ expected to secure value of up to £5bn when its shares begin trading
French TV and film giant Canal+ will make its debut on the London Stock Exchange today in a win for the UK’s struggling market.
Shares in the producer of Paddington will provide a much-needed boost after data revealed the London market was on course for its worst year for corporate exits since the financial crisis.
Canal+ is expected to secure a value of up to £5billion when its shares begin trading. News of its arrival was cheered last week by Chancellor Rachel Reeves, who hailed it as a ‘vote of confidence’ in the UK.
But other firms listed in London have been less optimistic, with many moving abroad or falling prey to takeover offers.
Construction equipment rental firm Ashtead, with a market value of £23billion, is the latest London-listed firm to defect, announcing it will move its primary listing to the US stock market. It will join around 88 companies who have delisted or shifted their primary listing from London’s main market this year, the worst exodus since the financial crisis of 2009, the FT reported.
Other big hitters who left this year include betting group Flutter, who has moved its main listing to the US, and takeaway platform Just Eat. Others have fallen victim to takeover swoops, removing them from the public market.
Any port in a storm: Canal+ is expected to secure a value of up to £5billion when its shares begin trading
Cybersecurity group Darktrace is among those who have agreed buyout deals with private equity firms this year. And ministers are considering whether to approve a takeover offer for Royal Mail from Czech tycoon Daniel Krentinsky, the largest shareholder in the group’s London-listed parent IDS.
London is struggling to attract firms, with Canal+ arriving amid what is estimated to be the lowest number of new listings in 15 years. It has sparked warnings from bosses in the City that action is needed to make London a more attractive destination for firms.
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