Sweden's Scania Delisting from NYSE
Scania announced this week that its request to withdraw from the New York Stock Exchange has been approved
Scania announced this week that its request to withdraw from the New York Stock Exchange has been approved.
The Stockholm-based truck and bus maker's board decided in December to delist the company from the New York Stock Exchange. The company said the U.S. Securities & Exchange Commission approved its request.
The decision does not affect its listing on the Stockholm Stock Exchange where company has been listed since 1996.
Scania's board of directors opted to delist its American Depositary Receipts from the NYSE because of low trading of the shares and because the costs of trading have increased. The board also decided the cost of maintaining the shares wasn't justified.
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