NYSE Euronext Welcomes NYSE-listed Hexcel Corporation to Its European Market
June 20 2011 - 5:30AM
Business Wire
Hexcel Corporation (NYSE: HXL) (Paris: HXL), a leading global
supplier of advanced materials, celebrated its Fast Path
cross-listing on NYSE Euronext in Paris today, making it the
twelfth1 NYSE-listed company to take advantage of this streamlined,
cost-effective process since it was made available by NYSE Euronext
in 2008.
The Fast Path listing enables US-listed, non-EU companies to use
their existing filings with the Securities and Exchange Commission
(SEC) for a listing on NYSE Euronext’s European market. This
listing process can be used in connection with various
transactions, including initial public offerings, follow-on capital
raisings, spin-offs and direct listings without capital
raising.
Hexcel Corporation develops, manufactures and markets
lightweight, high-performance structural materials, including
carbon fibers, reinforcements, prepregs, honeycomb, matrix systems,
adhesives and composite structures, used in commercial aerospace,
space and defense and industrial applications such as wind turbine
blades.
Hexcel Corporation’ Common Stock was admitted to listing and
trading on NYSE Euronext by direct listing of the existing
100,034,444 shares making up the company's capital stock. The
admission price of the company’ shares was set at €13.99 each, i.e.
the closing price of its shares on 17 June 2011 converted into
Euros on the basis of the European Central Bank EUR/USD exchange
rate of the same trading day. Hexcel Corporation’s market
capitalization on the day of admission amounted to €1.4
billion.
“We are delighted that Hexcel Corporation has decided to list on
NYSE Euronext in Paris, in addition to its listing on NYSE in the
US. Such operation will further strengthen their commitment to
European operations and reinforce their global identity,” said
Ronald Kent, Group Executive Vice President and Head of
International Listings at NYSE Euronext. “This is the fourth global
company to list on our combined European markets within the space
of a month and we hope to welcome many more in the near
future.”
“We are very pleased about our cross-listing in Paris. With
about 2,000 employees and over 40% of our sales in the region,
European investors can now treat us like the European company that
we are. We are excited that the Paris listing will provide greater
liquidity to all investors and greater access to European
institutional investors who are required to invest in Euro-zone
securities,” added David E. Berges, Chairman and CEO of Hexcel
Corporation.
A total of 49 companies are currently cross-listed on both NYSE
and NYSE Euronext.
Background about Cross-Listing on NYSE
Euronext European markets
- NYSE Euronext is the first and only
exchange group to offer a truly global cross-market listing,
trading and visibility platform, providing cost-effective,
convenient access to investors and business partners in the US and
in Europe.
- NYSE Euronext is the first exchange
group to offer companies the ability to trade and raise capital in
€ and $ and reach investors and constituents directly across
continents and multiple time zones, regions and countries.
- Valuable for any company looking to
enhance its global profile, support an international business or
expand its non-US investor base, a Fast Path listing provides an
easy, cost-effective way to gain a European trading presence.
Euronext regulators accept documentation, previously filed with the
SEC, to satisfy the EU Prospectus Directive. With Fast Path, a
company avoids the need to draft and translate a separate
prospectus in order to be admitted to trading. Documents filed with
the SEC serve as the primary component to obtain approval from the
competent Euronext regulator. The SEC documentation is combined
with a summary “wrapper”, addressing any additional European and
local requirements, forming the company’s European prospectus.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial
markets and provider of innovative trading technologies. The
company's exchanges in Europe and the United States trade equities,
futures, options, fixed-income and exchange-traded products. With
approximately 8,000 listed issues (excluding European Structured
Products), NYSE Euronext's equities markets – the New York Stock
Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca –
represent one-third of the world's equities trading, the most
liquidity of any global exchange group. NYSE Euronext also operates
NYSE Liffe, one of the leading European derivatives businesses and
the world's second-largest derivatives business by value of
trading. The company offers comprehensive commercial technology,
connectivity and market data products and services through NYSE
Technologies. NYSE Euronext is in the S&P 500 index, and is the
only exchange operator in the Fortune 500. For more information,
please visit: www.nyx.com.
About Hexcel Corporation
Hexcel Corporation (HXL) is a leading advanced composites
company. It develops, manufactures and markets lightweight,
high-performance structural materials, including carbon fibers,
reinforcements, prepregs, honeycomb, matrix systems, adhesives and
composite structures, used in commercial aerospace, space and
defense and industrial applications such as wind turbine
blades.
1 Companies that have already used the Fast Path listing
procedure include: Philip Morris International (PM, NYSE Euronext –
March 2008), Anheuser-Busch (BUD, NYSE Euronext – April 2008),
Companhia Vale do Rio Doce (VALE, NYSE Euronext – July 2008),
Cliffs Natural Resources (CLF, NYSE Euronext – April 2009),
Weatherford International (WFT, NYSE Euronext – October 2009),
PartnerRe (PRE, NYSE Euronext – December 2009), AgFeed
Industries, Inc. (ALHOG, NYSE Euronext – March 2010), Knight
Capital Group (KCG, NYSE Euronext – May 2010), Watsco (WSO, NYSE
Euronext – October 2010), Toreador Resources Corporation (TOR, NYSE
Euronext – December 2010) and Coca-Cola Enterprises, Inc. (CCE,
NYSE Euronext – May 2011).
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