The list of European companies fleeing the excessive costs of maintaining their NYSE ADR programmes keeps getting longer.
French chemicals group Rhodia became the latest such company to cancel its exchange programme in the US and move to the over-the-counter market, listing its depositary receipts on International OTCQX, a segment of the Pink Sheets, an electronic inter-dealer quotation system. Rhodia joins British Gas, ICI, Tate & Lyle and Wal-Mart de México, Latin America’s largest retailer, as one of the 14 such companies to make the move.
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International OTCQX, which launched in March this year, is a market tier open to any non-US company listed on a reputable international exchange that provides reporting available in English.
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