Ferguson asks shareholders to decide on New York listing

Plumber Ferguson will consult shareholders on plans to scrap its London shares and move to New York amid fears the move may prevent some UK investors from backing the company.

The heating giant is undergoing a radical shake-up following pressure from activist investor Trian Investors, founded by Cadbury’s raider Nelson Peltz.

It plans to hive off historic British brand Wolseley and today unveiled plans to pursue a US listing because companies in the home improvement sector are more highly valued across the pond.

The FTSE 100 unveiled a consultation on two options: a dual listing in New York and London, which would keep the firm on the FTSE 100 or scrapping the UK listing altogether and only trading shares in America.

The second option may prompt concern from British investors because some are barred from owning US shares if they promise only to invest in UK-listed firms.

A push by Unilever to ditch its UK listing and move to Amsterdam prompted an investor backlash in 2018.

Around 30% of Ferguson shareholders are based in the UK.

A further 40% are American, with the remaining 30% from around the world.