Shell set to settle UK investor battle
Oil giant reaches provisional settlement with rebel shareholders
Royal Dutch Shell could be landed with as much as a £500m payout to minority
shareholders, after agreeing a settlement.
The case, brought to the courts by British hedge fund Trafalgar Asset
Managers, followed the failure by 1.5% of Royal Dutch investors to agree on the
oil giant’s restructuring plans.
Shell had offered the shareholders 52.21 euros for every share held, but
Trafalgar argued that the price had been set too low.
An independent body will determine whether the price is fair, which could
mean Shell paying out anything between 60 euros and 77 euros per share,
according to a report in the Daily Telegraph.
The merger plans, formally bringing together the closely linked businesses,
has also been criticised for leaving UK shareholders of Royal Dutch with a
multimillion-pound capital gains tax bill.