Plans by two major U.S. companies to pursue secondary listings on the London Stock Exchange following significant acquisitions of British firms have raised concerns about the ongoing erosion of the UK’s corporate base. New York-listed McCormick announced it will seek a secondary listing in London after acquiring Unilever’s food business, which includes well-known brands such as Hellmann’s, Marmite, and Colman’s. The deal, valued at £12 billion, marks one of the largest foreign takeovers in recent UK market history.

Similarly, U.S. logistics giant Prologis is preparing to pursue a secondary London listing following its successful £14 billion bid for FTSE 100 company Segro, a leader in warehouses and data centers. Segro’s shares surged 6.5%, or 58.2 pence, to 953.2 pence after the company’s board accepted what it described as the “best and final” offer from Prologis, following multiple previous bids. This takeover represents the fifth among FTSE 100 firms this year, adding to a trend that has seen major companies such as Intertek, Beazley, Schroders, and DCC accept acquisition offers.

The series of high-profile takeovers has fueled apprehension about the loss of valuable UK firms to overseas buyers. Several other British companies, including easyJet, Rotork, Mitie, and Tate & Lyle, remain potential takeover targets, intensifying debate over the sustainability of the UK market’s corporate independence.

While secondary listings are often promoted as a means to retain some level of UK market presence, industry experts express skepticism about their efficacy. Charles Hall, head of research at brokerage Peel Hunt, described secondary listings on the London Stock Exchange as “barely a consolation prize,” cautioning that they primarily allow UK investors to hold shares for a limited time. He noted that if these companies are removed from FTSE indices, many UK-based funds will be compelled to sell their holdings. “London Stock Exchange Group might like it, but it is of little advantage to the UK,” Hall said.

The developments underline the challenges facing the London market in retaining leading companies amid increasingly aggressive foreign acquisition strategies, raising questions about the long-term impacts on the UK’s financial ecosystem and investor base.