Shell removes “Royal Dutch” from the name and moves to Great Britain.
The oil giant wants to keep its investors on board as well as defuse the conflict with activist shareholder Third Point. The group announced on Monday that a simple share structure would make it easier for Shell to buy back its shares. Shareholders will vote on this on December 10th.
But the name of the group was also changed: “Royal Dutch” is no longer applicable, and in the future multi-oil will work only under the name “Shell”. Shell also wants to move its tax headquarters from the Netherlands to the UK.
The Dutch government spoke of an “unpleasant surprise” and the government in London welcomed the plans. Shell shares rose on the London Stock Exchange that morning.
Shell, like other major oil companies, is under increasing pressure from governments and investors to decarbonize its activities. The company has already abandoned its fossil fuel business while increasing its share of renewable energies. Shell has said it wants to become climate neutral by 2050, but is under pressure to do more, faster. Investor Third Point also wants to break up the group, but management has already rejected such demands.
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