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Union des marchés européens confronts TotalEnergies

The Chairman of stock exchange operator Euronext believes that a union of capital markets in Europe will not be enough to resolve the undervaluation of TotalEnergies, which is considering a primary listing on the New York Stock Exchange.

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Stéphane Boujnah, Chairman of Euronext’s Management Board, said that the establishment of a European capital markets union would not change TotalEnergies’ undervaluation. This statement follows the announcement by Patrick Pouyanné, CEO of TotalEnergies, that he is considering a primary listing on the New York Stock Exchange to get closer to…

Stéphane Boujnah, Chairman of Euronext’s Management Board, said that the establishment of a European capital markets union would not change TotalEnergies’ undervaluation. This statement follows the announcement by Patrick Pouyanné, CEO of TotalEnergies, that he is considering a primary listing on the New York Stock Exchange to get closer to US institutional investors, who represent almost half of the group’s shareholder base.

Investor appetite and ESG challenges

Boujnah stressed that the problem is not liquidity or markets, but investor appetite and valuation. While Europe places a strong emphasis on ESG (environmental, social and governance) criteria and decarbonization, American investors place more importance on financial performance, making them more attractive to TotalEnergies.

Political reactions and Euronext strategies

In response to Pouyanné’s announcement, French Economy Minister Bruno Le Maire and President Emmanuel Macron expressed their support for a UMC (capital markets union) in the European Union. The project aims to increase the size of the European stock market to attract more financing. Euronext is also working on technical tools to keep TotalEnergies attached to European markets while meeting its valuation needs.

Analysis of quotation prospects

TotalEnergies must weigh the advantages of a listing in New York against efforts to boost European markets. The final decision could have a major impact on the perception of energy companies in Europe, and on the continent’s sustainable investment strategy.
TotalEnergies’ consideration of a New York listing highlights the persistent challenges of stock market valuation in Europe, despite efforts to strengthen capital market union. The evolution of this situation will be crucial for the future of the company and for European financial markets.

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