Tatneft plans de-list from New York Stock Exchange
28 Jun, 2006 05:40
Russia's sixth-largest oil company rated by production volume says it plans a voluntary de-list from the New York Stock Exchange. Tatneft will also end registration of its shares with the U.S. Securities and Exchange Commission.
Tatneft is the only major Russian company trading shares both in
and on the London Stock Exchange. This will be the first time a Russian company leaves the world's most prestigious trading floor. Tatneft attributes withdrawal to higher registration costs in the New York U.S. and says it wants to focus on . Analysts say the real reason is Tatneft's reluctance to disclose information in accordance with strict London regulations. U.S.