Mobile phone manufacturer says electronic trading is making stock exchange listings less relevant
Nokia has applied to de-list from the Frankfurt Stock Exchange, citing decreased trading volumes at the bourse.
Once the application to de-list has been approved, Nokia expects trading to cease at some point during the first half of 2012.
The mobile phone company will continue to be traded in Europe on the NASDAQ OMX Helsinki Stock Exchange and in the US via American depositary receipts on the NYSE.
Explaining its decision in a statement, Nokia says trading volumes in Frankfurt have declined over the years and now represent only a small proportion of global trading.
According to a report by the Associated Press, Nokia says the de-listing is a ‘pragmatic decision in an increasingly internet-connected world that allows electronic trading from anywhere.’
The phone manufacturer has also de-listed from London, Stockholm and Paris over the last eight years.
The move follows Bayer’s decision in September to de-list from the London Stock Exchange, which the chemical and pharmaceutical company also put down to low trading volumes, as well as the administrative costs of the listing.
Like Nokia, Bayer once held several listings in Europe but has trimmed them back since the mid-2000s.
