France: Diageo receives approval for Euronext Paris delisting

Diageo PLC on April 25 said that the delisting of its shares from Euronext Paris has now been approved, the Morning Star reported.

Diageo is a London-based brewer and distiller with brands including Guinness, Baileys, Tanqueray, Johnnie Walker, Smirnoff and Captain Morgan.

Earlier in April, Diageo announced its intention to delist from the Euronext Paris and Euronext Dublin in May.

The announcement came just two weeks after Diageo announced that Chief Executive Officer Ivan Menezes will retire from his role on June 30, with Chief Operating Officer Debra Crew taking the helm from July. Crew is the former CEO of cigarette maker Reynolds American Inc.

It is now expected that the Euronext Paris delisting will take place on May 26.

Diageo explained that the decision has been taken following a review of the trading volumes, costs and administrative requirements related to its listing on Euronext Paris.

It added that the delisting will not have any impact on Diageo's day-to-day operations in France. Further, Diageo's listing on the London Stock Exchange and the New York Stock Exchange will not be impacted.

It is currently anticipated that the Dublin Delisting will take effect on or around May 30.

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