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The Guardian: New Shell shares start trading

The Guardian (UK): New Shell shares start trading

“The merger is one of a number of measures implemented after last year’s damaging reserves overbooking scandal which dented investor confidence.”: “Under the terms of the merger the new company will be listed in London and will have its headquarters in the Netherlands.”

Wednesday 20 July 2005

Mark Milner

Wednesday July 20, 2005

Shares in Royal Dutch Shell will begin trading in London this morning after the world’s third-largest oil group cleared the last hurdle in the merger of its UK and Dutch components.

Almost 92% of Royal Dutch shareholders have exchanged their shares for a stake in the unified group, allowing the deal with Shell Transport and Trading to go ahead.

“Shareholders have shown strong support throughout the process and voted overwhelmingly in support of the proposals at the recent shareholder meetings to move to one company,” chief executive Jeroen van der Veer said.

Some non-Dutch shareholders in Royal Dutch had voiced opposition to the structure of the deal because it has left them facing large tax bills.

The merger is one of a number of measures implemented after last year’s damaging reserves overbooking scandal which dented investor confidence. The group’s complicated ownership and management structure was partly blamed for the reserves problem.

Under the terms of the merger the new company will be listed in London and will have its headquarters in the Netherlands.

http://www.guardian.co.uk/business/story/0,3604,1531978,00.html

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