|
:''Dual-listed companies should not be confused with cross-listed companies, where the stock of one company is listed on more than one stock exchange.'' A dual-listed company or DLC is a corporate structure in which two corporations function as a single operating business through a legal equalization agreement, but retain separate legal identities and stock exchange listings. Virtually all DLCs are cross-border, and have tax advantages for the corporations and their stockholders. In a conventional merger or acquisition, the merging companies become a single legal entity, with one business buying the outstanding shares of the other. However, when a DLC is created, the two companies continue to exist, and to have separate bodies of shareholders, but they agree to share all the risks and rewards of the ownership of all their operating businesses in a fixed proportion, laid out in a contract called an "equalization agreement." The equalization agreements are set up to ensure equal treatment of both companies’ shareholders in voting and cash flow rights. The contracts cover issues that determine the distribution of these legal and economic rights between the twin parents, including issues related to dividends, liquidation, and corporate governance. Usually, the two companies will share a single board of directors and have an integrated management structure. A DLC is somewhat like a joint venture, but the two parties share everything they own, not just a single project; in that sense, a DLC is similar to a general partnership between publicly held corporations. ==Examples== Some major dual-listed companies are listed in ; they include:〔Jaideep Bedi, ''et al.'', "The Characteristics and Trading Behavior of Dual-Listed Companies", Reserve Bank of Australia, June 2003.()〕 *BHP Billiton (Australia/UK 2001- ) *Carnival Corporation & plc (Panama/UK 2003- ) *Investec (South Africa/UK 2002- ) *Mondi (South Africa/UK 2007- ) *Reed Elsevier (UK/Netherlands 1993- ) *Rio Tinto Group (Australia/UK 1995- ) *Unilever (UK/Netherlands 1930- ) Other companies were formerly dual-listed: *ABB Group (Sweden/Switzerland 1988-1999) *Allied Zurich (now Zurich Financial Services) (UK/Switzerland 1998-2000) *Brambles Industries (Australia/UK 2001-2006 ) *Dexia (Belgium/France 1996-2000) *Eurotunnel (France/UK 1986-2005) *Fortis (Belgium/Netherlands 1990-2001) *Nordbanken/Merita (Sweden/Finland 1997-2000) *Royal Dutch Shell (UK/Netherlands 1907-2004) *SmithKline Beecham (UK/US 1989-1996) *Thomson Reuters (UK/Canada 2008-2009) 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Dual-listed company」の詳細全文を読む スポンサード リンク
|