CORRECT: UPDATE: Teva To Switch Listing To NYSE In May
21 Mars 2012 - 8:49PM
Dow Jones News
NEW YORK (Dow Jones)--Teva Pharmaceutical Industries Ltd. (TEVA,
TEVA.TV), said it is moving its listing of U.S.-traded shares to
the New York Stock Exchange from the Nasdaq Global Select Market in
May.
Teva is the largest company lured by the Big Board from the
Nasaq ever, by market capitalization, and Teva's transfer will mark
the end of nearly 25-years for its American depository shares being
listed on the Nasdaq.
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 company also has been
diversifying into brand-name and over-the-counter drugs. Shares
rose 0.3% to $43.19 in afternoon on Wednesday.
"The decision to move is something we have been considering for
some time. We believe that the NYSE provides a great trading
platform for Teva shares," said Denise Bradley, Teva's vice
president for corporate communications in the Americas.
Teva is expected to begin trading on the New York Stock Exchange
May 30.
A spokesman for Nasdaq OMX Group declined to comment on Teva's
listing transfer.
The Nasdaq retains about 70% of U.S.-listed health-care sector
stocks, according to Nasdaq.
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. Facebook Inc.'s IPO, expected this spring, is
highly coveted by the competing exchanges.
So far this year, the New York Stock Exchange and the Nasdaq are
evenly matched for grabbing each other's listings. Nasdaq has
netted two of the New York Stock Exchange's listings, worth around
$45.7 billion. The New York Stock Exchange has grabbed five of
Nasdaq's listings, with a combined market capitalization of around
$43.5 billion.
Last year, about $42 billion in listings migrated to the Nasdaq
from the NYSE, while about $30 billion migrated to the NYSE,
according to data provided by both exchanges.
Also on Wednesday Arabian American Development Co. (ARSD) said
it plans transfer its listing to the New York Stock Exchange from
the Nasdaq in the coming weeks.
Arabian American, based in Sugar Land, Texas, manufactures
petrochemicals and owns a 37% interest in the Saudi-based Al Masane
Al Kobra mining company. Arabian American has a market
capitalization of $216 million. Shares rose 3.3% to $9.06.
"The costs are comparable. One of the major drivers [for the
transfer from the Nasdaq] was that specialty chemical, industrial
and metal and mining have much higher presence on the NYSE," said
Cameron Donahue, partner at Hayden IR, which handles investor
relations for Arabian American.
-By Tess Stynes and Chris Dieterich, Dow Jones Newswires;
212-416-2611; christopher.dieterich@dowjones.com;