It’s no. Questioned by Bloomberg this Monday, on the sidelines of the “Choose France” summit in Versailles, the President of the Republic in turn opposed the idea of a main listing of TotalEnergies in New York. Asked whether this prospect would suit him, the head of state responded unambiguously: “Not at all. I would be very surprised. I am waiting for confirmation, I understood that these were rumors,” noted Emmanuel Macron, in an interview with Bloomberg.
The tenant of the Élysée then returned to international competition between the European Union, Asia and America. “We must be certain, when we regulate, that we do not regulate too much,” said the Head of State, believing that “we need much more investment” in Europe. “The European Union is the most open place in the world, but we cannot survive, when you have, at the same time, subsidies and excess production capacity in China, protections in certain parts of the market, and the ‘IRA […], in the United States. It doesn’t work,” judged Emmanuel Macron. “We want to protect our economy,” he then insisted, describing as a “necessity” the hardening of European positions vis-à-vis its competitors.
A few days earlier, at the beginning of May, the Minister of Economy and Finance, Bruno Le Maire, had already expressed his opposition to this approach formulated by the boss of the French giant. “I am here to ensure that this does not happen,” said the government member bluntly, regretting “a decision which is serious.” “It is important to keep Total, to keep Total’s head office in France, and for Total’s main listing to remain in France,” said the Bercy boss. “Is it the supreme interest of the nation to keep Total’s head office in France and Total’s primary listing in France? Yes. And so, I will fight for that, because it is the best interest of the French.”
At the end of April, the director of TotalEnergies, Patrick Pouyanné, indicated that he was exploring the possibility of a main listing of his group in the United States. “We are facing a situation in which European shareholders are sellers or holding steady, while American shareholders are buyers. So what would be most practical for American shareholders? Do they prefer stocks whose primary listing is in New York or Europe? I believe that when you ask the question, you have the answer,” explained the businessman. Immediately sparking an outcry from the State, which calls on the company to “choose France” in turn.