Shell to become one giant company
The oil giant Shell is to spend an estimated £27m merging its Dutch and British operations.
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Details of the merger were unveiled yesterday, and have been worked on for six months by four big investment banks alongside Shell’s team of lawyers, accountants and advisors.
Investors welcomed the long-awaited restructuring, which will see the new, unified company run from the Netherlands by a Dutch chairman and a Dutch chief executive.
The overhaul was forced on Shell by pressure from investors after the reserves scandal which broke in January.
The merger will create a unified business with a stock market value of £105bn – making it the second-biggest company on the London market.