Daily Telegraph: Shell paves way for merger
“Shell, which is trying to merge its UK and Dutch parts, has slashed the level of acceptances for shareholders in Royal Dutch Petroleum in an attempt to get the deal done.”
Saturday 9 July 2005
By Christopher Hope (Filed: 09/07/2005)
Shell, which is trying to merge its UK and Dutch parts, has slashed the level of acceptances for shareholders in Royal Dutch Petroleum in an attempt to get the deal done.
The news comes after the Anglo-Dutch oil and gas giant was criticised by British holders of Royal Dutch stock who are facing the possibility of a £77m capital gains tax bill because of the multi-billion merger with Shell Transport and Trading into a single company called Royal Dutch Shell.
Shell said yesterday that it “reserves the right (but is not obligated) to reduce the minimum percentage of Royal Dutch shares that must be submitted for exchange … from 95pc to in excess of 75pc”.
The new acceptance level is significantly lower than previously suggested by Shell and suggests Royal Dutch Shell will forced to make a cash offer – known as a Dutch squeeze-out – for a sizeable rump of Royal Dutch Petroleum shares.
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