27th Nov 2024 08:52
(Alliance News) - Just Eat Takeaway.com NV on Wednesday said it plans to call time on its London listing, soon after having sold its US business.
The Amsterdam-based food delivery firm is a former FTSE 100 index constituent, but it was removed from FTSE indices in late 2021, after its nationality was reassigned to the Netherlands by index provider FTSE Russell. Then at the end of 2022, Just Eat switched to a standard listing in London from a premium one, making the London Stock Exchange a secondary listing. Its primary listing is on Euronext Amsterdam.
On Wednesday, Just Eat said it "has recommenced and continued its review to determine optimal listing venues".
"As part of this review, the company has considered, amongst other things, the liquidity and trading volumes, as well as cost and administrative requirements related to its primary listing in Amsterdam and secondary listing in London," Just Eat explained.
It has moved to exit London "in order to reduce the administrative burden, complexity and costs associated with the disclosure and regulatory requirements of maintaining the LSE listing".
Just Eat, formed out of a tie-up between Just Eat of the UK and Takeaway.com of the Netherlands in 2020, said the delisting is likely to take effect next month, with the final day of trading in London on December 24.
The move to a sole listing in Amsterdam follows Just Eat's sale of its loss-making US business earlier this month. Just Eat sold Chicago-based Grubhub Inc to New York-based Wonder Group Inc at an enterprise value, including Grubhub's debt, of USD650 million.
The disposal, after a short-but-painful period of ownership that started soon after Just Eat and Takeaway.com's own merger, is expected to be completed in the first quarter of next year.
Just Eat shares were down 0.2% to 1,244.00 pence in London early Wednesday. They were up 0.6% to EUR14.94 in Amsterdam.
By Tom Waite, Alliance News editor
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