Evangelos Mytilineos, founder and CEO of global energy and metals company Metlen, recently stated that the UK is currently the most attractive location for the company’s share listing. This statement comes in the context of a reported trend of significant companies relocating from UK markets to foreign exchanges, particularly in the US. After a challenging period for the London Stock Exchange following Brexit, Mytilineos expressed optimism about its recovery, suggesting that London’s appeal might be returning.
Metlen, which employs nearly 10,000 individuals across 40 countries, transitioned its primary listing from Athens to London in August. The company boasts a valuation exceeding £5 billion and achieved rapid admission to the FTSE 100, the index of the UK’s most valuable companies. Despite this positive move, some high-profile UK companies, such as ARM Holdings and BHP, have opted for listings in the US and Australia, respectively. Mytilineos acknowledged the allure of higher valuations in American markets but emphasized the cultural and operational affinities his executives have with the UK.
He addressed the challenges posed by high energy costs in the UK and Europe, which he believes make the market less viable for the business. Mytilineos remarked that many electro-intensive companies had exited the market due to unsustainable energy prices, and he urged for greater transparency regarding the costs of transitioning to green energy.
Additionally, Mytilineos pointed out the potential for political migration towards less supportive energy policies, especially in light of statements from various leaders regarding climate change. He advocates for a more transparent discussion regarding energy transition and infrastructure funding, suggesting that without such dialogues, public resistance might increase. Mytilineos also expressed hope for a positive resolution to ongoing negotiations regarding steel tariffs between the UK and EU.
Source: https://www.bbc.com/news/articles/cq50z91z6q4o?at_medium=RSS&at_campaign=rss