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German group seeks to delist from NYSE

German group seeks to delist from NYSE

by Toby Lucich on March 26, 2007

SGL Group, one of the world’s biggest makers of graphite and carbon fibre materials, has become the first German company to seek a delisting from the New York Stock Exchange in an attempt to cut costs.

The German Institute of Public Companies (DAI) said the strict auditing demanded by the US Sarbanes-Oxley Act has led some of the 14 German groups with secondary listings in the US to reconsider their position.

But SGL’s move looked unlikely to lead to an exodus of stocks such as insurer Allianz or drug maker Bayer, because only one of them – chemicals group Altana – admitted looking at following suit.

SGL followed DaimlerChrysler to become the second German group with a secondary listing in the US 11 years ago. It says it has spent €3m on US compliance.

German group seeks to delist from NYSE

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