The company has recently come under fire from major investors for allegedly not treating British investors on a par with Dutch shareholders. Shell cancelled a London event last year that provided a live TV link-up to its annual meeting in the Hague, angering British-based investors. Shell’s head of refining and marketing chief, Ben van Beurden is due to take over from Peter Voser as chief executive on January 1…
By Andrew Critchlow: 27 Dec 2013
Royal Dutch Shell has said that it plans to continue with its share buyback programme in 2014.
Europe’s largest oil company by market value has already returned about $5bn (£3bn) to shareholders this year through the scheme.
In a stock market filing Friday the company said: “it has entered into an irrevocable, non-discretionary arrangement with an independent third party to enable the purchase of `B’ ordinary shares, for cancellation, during the period from 2 January 2014 up to and including 13 March 2014 which period includes the 2013 fourth quarter results close period.”
A spokesperson for Shell said that the announcement enables the company to extend its buyback scheme into next year, subject to board approval.
Shares in Shell shares were up 7.50 or 0.32pc to £21.69 during Friday trading on the back of the share buyback announcement.
The market is expecting Shell to launch the sale in 2014 of up to £18bn-worth of assets, which could see it offload a $7bn stake in Woodside Petroleum and some holdings in the Niger Delta worth $2bn amongst other asset.
The $30bn disposal plan could be unveiled as early as next month the Daily Telegraph has reported and would be the largest in the Anglo-Dutch oil group’s history, representing 17pc of the FTSE 100 company’s $178bn net assets.
Shell has said more clarity on the asset disposals would be given in full-year results on January 30.
The company has recently come under fire from major investors over the weekend for allegedly not treating British investors on a par with Dutch shareholders. Shell cancelled a London event last year that provided a live TV link-up to its annual meeting in the Hague, angering British-based investors.
Shell’s head of refining and marketing chief, Ben van Beurden is due to take over from Peter Voser as chief executive on January 1 next year.
