UMG.AS Rejects Pershing Square Proposal for U.S. Primary Listing

Universal Music Group N.V. (UMG.AS) on Friday rejected a proposal from major shareholder Pershing Square Capital Management to relocate its primary stock listing to the United States, the company said in a statement. The activist fund, led by Bill Ackman, argued a U.S. listing would unlock value and draw a broader investor base for the world’s largest music company. Pershing Square holds about a 10% stake in UMG, which listed on the Euronext Amsterdam in 2021. UMG’s board called its current European listing structure appropriate and said the company’s capital markets strategy remains focused on the Amsterdam exchange. The board added that it regularly reviews strategic input from shareholders but determined the proposal was not in the best interest of all stakeholders.