Washington Times: Shell, Royal Dutch talk merger
Posted 13 August 04
London, England, (UPI) — Royal Dutch/Shell has a preliminary plan to unify its two boards and is studying a possible merger of its Dutch and British holding companies.
The world’s third largest energy group is made up of Royal Dutch, the Dutch holding company controlling 60 percent, and Shell Transport and Trading, the British side controlling the rest. The two companies have separate main stock exchange listings in Amsterdam and London.
The review, advocated by several important members of Shell’s steering committee, goes beyond investors’ expectations, the Financial Times said.
But any formal decision about the unification and other proposals need the vote of both boards and an agreement at next year’s general meeting.
Shell in January revealed it had wrongly booked more than 20 percent of its oil and gas reserves with the U.S. Securities and Exchange Commission.
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