Switzerland-based international oil field services company Weatherford International completed its Fast Path crosslisting on NYSE Euronext in Paris today, making it the fifth1 NYSE-listed company to take advantage of the streamlined, cost-effective Fast Path process since it was made available by NYSE Euronext in 2008.
The Fast Path listing enables US-listed, non-EU companies to use their existing filings with the SEC for a listing on NYSE Euronext's European markets, with or without a simultaneous capital raising. Weatherford is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. The company operates in 100 countries and employs over 50,000 people worldwide and has a market capitalization of more than $14 billion.
Weatherford's registered shares trade on NYSE Euronext Paris under the symbol "WFT" and are denominated in Euros. This listing does not alter Weatherford's share count, capital structure or current stock-listings on the New York Stock Exchange, where the company also trades under the symbol "WFT."
Ronald Kent, Executive Vice President and Head of International Listings of NYSE Euronext, said, "We welcome Weatherford to our European market as our fifth fast-path listing. We look forward to a lasting partnership with the company and its shareholders."
"The arrival of such an international company, particularly in current market conditions, demonstrates the benefits that NYSE Euronext offers, the first exchange to offer a truly global, cross-border listing program, providing the ability for companies to list and trade in the world's major currencies, the Euro and the dollar, and gain unmatched access to investors in the Euro-zone and the UK, and, across continents, to investors in the USA," added Jean-François Théodore, Deputy CEO of NYSE Euronext. Bernard J. Duroc-Danner, Weatherford's Chairman and Chief Executive Officer, said, "In connection with our redomestication to Switzerland earlier this year, Weatherford is attracting greater numbers of investors based outside of the United States, particularly in Europe. The NYSE Euronext listing will help promote additional liquidity for all investors and provide greater access to Weatherford’s shares among European fund managers required to invest in Euro-zone markets or currencies only."
A total of 50 companies are currently cross-listed on both NYSE and NYSE Euronext (as of October 6, 2009).
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