BusinessCompany NewsBG Group drops US listing

BG Group drops US listing

Oil and gas producer to withdraw from the New York stock exchange because of 'costs and complexity'

BG Group has announced that it will be delisting from the US stock market.

The FTSE 100 giant became the latest high-profile company to turn its back on
the US, following the example of United Utilities, ICI and International Power.

In a
statement
to the London stock exchange CFO Ashley Almanza said: ‘This move will reduce
costs and complexity without in any way detracting from our standards of
governance and control.’

ICI has been the only comapny to quantify the benefits of leaving the US,
reporting a saving of £4m in fees to external suppliers and auditors for ongoing
Sarbanes-Oxley suppport.

BG Group added: ‘The group will provide written notice to the NYSE of its
intention to delist. It intends to file a Form 25 with the Securities and
Exchange Commission
during September 2007 to effect the delisting. The delisting is expected to be

effective 10 days after this filing.’

Further reading:

35 companies delist from US since April

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