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.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars