A corporate structure that results from a merger in which both companies remain incorporated independently. A dual-listed company (DLC) structure consists of two companies contractually agreeing to operate as a single enterprise, while each retaining its separate legal identity and existing stock exchange listings. Prime examples of DLCs are the Anglo- Dutch combinations Royal Dutch/ Shell and Unilever NV/ PLC. In integrated and efficient financial markets, the stock prices of the twin companies will move together with perfect correlation. According to the corporate structure, current and future cash flows of a dual-listed company are allocated to the shareholders of the parent companies according to a prespecified ratio.

Dual-listed companies are also known as Siamese twins.