Guinness-maker Diageo to delist from Euronext Dublin and Paris

The company said its decision was based on "a review of the trading volumes, costs and administrative requirements" related to its listings on the stock exchanges

The maker of Tanqueray gin, Smirnoff and Captain Morgan's expects to delist from Euronext Paris around the 26th of May, with the company delisting from Euronext Dublin closer to the 30th of May, 2023.

Diageo, the world's largest spirits producer and maker of Guinness intends to delist its shares from Euronext Paris and Euronext Dublin following a review of the company's trading volumes and costs.

In a statement released this morning, Diageo said it will submit applications for the delisting of its ordinary shares from each of the stock exchanges. 

Its delisting is subject to approval from the board of directors of Euronext Paris and Euronext Dublin.

The UK-founded company said its decision was based on "a review of the trading volumes, costs and administrative requirements related to its listings on Euronext Paris and Euronext Dublin."

The maker of Tanqueray gin, Smirnoff and Captain Morgan's expects to delist from Euronext Paris around the 26th of May, with the company delisting from Euronext Dublin closer to the 30th of May, 2023.

The company also said the delisting would "not have any impact on Diageo’s day-to-day operations in France or Ireland."

Diageo has confirmed its listing on the London and New York Stock Exchange would not be affected by its delisting from Paris and Dublin.

In January, the beverage company hiked the price of a pint of Guinness by 12c plus VAT, with Diageo saying it was facing significant cost inflation across its operations.

“We have absorbed these costs for as long as possible but unfortunately, we can no longer continue to do so,” the company said.

In the second half of 2022, the company reported a more than 18% increase in net sales, totalling £9.4bn (€10.67bn), with operating profit growing 15.2% to £3.2bn (€3.63bn).

However, the company's net cash flow from operating activities declined by £700m (€795m), with free cash flow falling by £800m (€908m).

Following the announcement, Diageo has urged investors to consult with their financial advisors as to how the delistings may affect them.