Ashtead to Move Primary Stock Listing to US, Shifting Focus from London Exchange
Ashtead, a leading equipment hire company, has announced plans to relocate its primary stock market listing from the London Stock Exchange (LSE) to the United States. The company, which rents construction equipment, cited its substantial presence and operations in North America as the driving force behind the move.
The company explained that the US was a “natural long-term listing venue” as the majority of its profit, employees, and headquarters are based there. Ashtead, which employs over 25,000 people globally, said it would discuss the move with its shareholders before proceeding with a vote. The company intends to complete the transition within the next 12 to 18 months but will retain a secondary listing on the LSE, maintaining its status as an international company.
Ashtead’s decision marks a significant blow to the London Stock Exchange, which has seen several large companies shift their listings to the US in recent years. The move follows a trend that has raised concerns about the attractiveness of the UK as an investment hub. Notable companies such as ARM Holdings and Flutter, the owner of Paddy Power, have already made the move to US exchanges.
The company, which has experienced strong growth in the US construction market, acknowledged that annual profits would fall below expectations due to weaker dynamics in the local commercial construction market. However, Ashtead is optimistic that the situation will improve as interest rates in the US begin to decrease, benefiting the market for its equipment rental services.
Ashtead also said part of the reason for the relocation was to attract more US investors. Despite challenges in the US construction sector caused by higher interest rates, the company remains confident in the long-term outlook for its business.
However, the move has sparked some controversy. Investment analyst Dan Coatsworth suggested that the decision might also be linked to Ashtead’s desire to justify high pay packages for top executives. The company faced criticism earlier this year for a proposed $14 million pay deal for its CEO, Brendan Horgan. While such compensation might be seen as excessive for UK-listed companies, it is more common in the US.
Despite the concerns, Ashtead insists that its decision will not impact its investment plans in the UK. The move follows recent changes in UK government debt rules, which are expected to unlock additional funding for infrastructure projects in the country.
Founded in 1947 and listed on the LSE since 1986, Ashtead began its US expansion in 1990. Today, it is one of the largest equipment rental companies in North America, marking a shift in focus as it prepares for its move to the US exchange.
News
Prime Minister Starmer to Attend EU Security Summit Amid Tensions and Uncertainty
In early 2025, UK Prime Minister Sir Keir Starmer will attend an informal summit of European Union (EU) leaders, marking the first invitation extended to the UK since the tense Brexit negotiations. The summit, scheduled for February, will focus on future security and defense cooperation, reflecting Europe’s growing concerns over the volatile global landscape.
The meeting’s backdrop is a world embroiled in conflict, with ongoing wars in the Middle East and Eastern Europe. Russia, with backing from Iran, North Korea, and China, continues its aggressive actions against Ukraine, while the potential re-election of Donald Trump in the United States raises new anxieties. Trump’s threats to impose punitive tariffs on imports and his suggestion of withdrawing from NATO—a cornerstone of Western security—have heightened concerns in both the EU and the UK. These global uncertainties have underscored the importance of EU-UK collaboration in preserving security and trade stability.
For the EU, the loss of the UK after Brexit was a blow, stripping the bloc of a significant economy and its only major military power aside from France. The UK, meanwhile, while no longer bound by EU regulations, finds itself with reduced influence on the world stage. However, under Labour’s leadership, the UK has acknowledged the importance of a strong relationship with Europe, especially in addressing key domestic priorities such as the economy, defense, and migration.
Mark Leonard, director of the European Council on Foreign Relations, emphasized that Europe remains central to the Labour government’s success. “The economy, defence, migration… there’s a European element to all of this,” he said. “Things which will make a success of this government are tied up with Europe.”
Labour has repeatedly pledged an “ambitious reset” in EU-UK relations, and there has been notable diplomatic activity since their election victory. Foreign Secretary David Lammy attended an EU Foreign Ministers’ meeting, Chancellor Rachel Reeves spoke at an EU finance ministers’ summit, and Starmer himself met with EU Commission President Ursula von der Leyen in Brussels.
Despite this goodwill, skepticism persists in Brussels. While EU figures express a desire for closer UK relations, they remain uncertain about the UK’s position on key issues. One anonymous EU diplomat noted, “The headspace is there. The appetite is there in Europe for closer UK relations. What’s less clear is what London is really interested in—and what trade-offs it’s willing to make to get there.”
As the UK and the EU prepare for a summit in the spring, the future of their relationship will depend on the UK’s willingness to engage in meaningful compromise, particularly on issues like trade and migration. With tensions still high, the outcome of the 2025 summit will be a pivotal moment in reshaping EU-UK ties.
News
Deadliest Plane Crash in South Korean History Claims 179 Lives
News
India Mourns Former Prime Minister Manmohan Singh at State Funeral
-
Travel9 months ago
Embracing Solo Travel to Unlock Opportunities for Adventure and Growth
-
Politics9 months ago
Six Best Things Done by Donald Trump as President
-
Education9 months ago
Exlplore the Top Universities in the United States for Computer Science Education?
-
Technology9 months ago
Revolutionizing Healthcare Training with Latest Technologies
-
Health9 months ago
Rise of Liposuction: A Minimally Invasive Solution for Body Contouring
-
Business9 months ago
Thriving Startup Hubs: Best Cities in the USA for Entrepreneurship
-
Travel9 months ago
Where to Move? America’s Top Ten Most Affordable Cities
-
Health9 months ago
Digestive Power of taking Mint Tea after Meals