'Leaving a jurisdiction that fails to protect its tourists and minority populations combines both good business and moral principles'
Pershing Square Holdings CEO Bill Ackman wants to pull out his company from the Euronext Amsterdam stock exchange after attacks against Israeli soccer fans in the city last week.
"I am going to seek approval from the board of Pershing Square Holdings — in which I and my family own 23% of the shares — to eliminate its listing on the @euronext Amsterdam exchange," Ackman announced on X.
According to the CEO, the board has been previously considering the move because its second financial listing on the London Stock Exchange (LSE) now represents more than 90% of the company's trading.
The events in Amsterdam were the "appropriate tipping point for this conclusion," Ackman said.
"Concentrating the listing on one exchange, the LSE, and leaving a jurisdiction that fails to protect its tourists and minority populations combine both good business and moral principles," he added.
UMG transfer pushed
Meanwhile, the attack has also prompted Ackman to start a conversation with Universal Music Group (UMG) to move its domicile and listing in the United States.
Ackman, who is a board member of UMG, pointed out that Pershing Square has a "contractual right" to get the company listed in the US.
"We will exercise this right and achieve a US listing for UMG no later than some time next year," he said.
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The move, however, was immediately denied by UMG, which distanced its board members from Ackman's post on X.
"Pershing does not have any right to require UMG to become a US domiciled company or delist from Euronext Amsterdam," the spokesperson told CNN in a statement.
UMG noted that while it will comply with its contractual obligations, decisions in the corporation will be based on maximising value and the benefit of its shareholders.
'Antisemitic' attacks in Amsterdam
Ackman's announcement came on the heels of attacks against fans of Israel's Maccabi Tel Aviv last week following a match between the Israeli football team and the Dutch side Ajax.
A total of 20 to 30 people were lightly injured, and five people have been taken to the hospital following the attack, CNN reported.
Dutch Prime Minister Dick Schoof condemned the incident as "antisemitic attacks against Israelis and Jews," according to a BBC news report.