Analysts claim that while the eventual impact of the writedown would be small, it was disappointing news that Shell paid too much for Enterprise Oil, reported the Financial Times.
‘We didn’t think the acquisition was an excellent idea and this confirms what we thought,’ said Vincent Zelenko, oil analyst at JP Morgan.
The news follows a series of announcements about the over estimation of its oil reserves, which caused investor outrage and the eventual removal of top management.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements