Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) said it is
moving the listing of its American depositary shares to the New
York Stock Exchange from the Nasdaq Global Select Market in May, in
the latest round in the stock exchanges' battle for listings.
NYSE Euronext (NYX) and Nasdaq OMX Group Inc. (NDAQ) have
battled for years to bring in, or poach, listings by offering
promotions and other incentives. Much of the recent rivalry between
the exchanges has focused on grabbing the listings of newly public
companies, including a high-profile crop of technology initial
public offerings.
Teva, the world's largest maker of generic drugs, recently had a
U.S. market capitalization of about $40.5 billion, according to
FactSet Research data. The Israel-based company also has been
diversifying into brand-name and over-the-counter drugs.
Teva last month reported higher fourth-quarter net profit and
underscored its aim to reduce its dependence on just a few
medicines and markets.
Teva's ADSs were down five cents at $43.02 in recent
trading.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com