Brexit wins: Royal Dutch Shell becomes exclusively British

With a surprise corporate Royal Dutch Shel told L on Monday that it will abandon its dual-location, listed structure and move its headquarters to Great Britain. She then leaves the Netherlands, pushed away by Dutch taxes and pressure for a Dutch court-ordered reduction in emissions, which would have brought the oil gas giant to its knees. . The company, which has long faced investor questions about its dual structure and was recently hit by a Dutch court order for its climate goals, will also delete "Royal Dutch" from its name – part of its identity since 1907. – to become Shell Plc. Naturally great regret in the Netherlands that they lose one of the country's champions and huge tax revenues, which will now become the prerogative of the British Crown.

The Anglo-Dutch company has long been in conflict with Dutch authorities over the country's 15% dividend withholding tax. Its new unique structure would solve this problem and allow Shell to conclude faster sale or acquisition deals. “The current complex equity structure is subject to constraints and may not be sustainable in the long term,” Shell said, announcing its plan. The move requires at least 75 percent of shareholder votes in a general meeting to be held on December 10, the company said.

“We see benefits in the proposed restructuring of Shell's share structure and the change of tax residence. Among other benefits, the proposed changes will increase Shell's ability to buy back stock, ”Jefferies said in a research note.

Moreover, the largest Dutch state pension fund, ABP, said last month that it would eliminate Shell from its portfolio and all oil or gas companies from its portfolio. Nothing at this point held Shell in Holland anymore.

In response to the actual divorce, the Dutch government on Monday said it was "unpleasantly surprised" by Shell's plans to move to London. The decision is seen as a vote of confidence in post-Brexit London, which is highly competitive for multinationals. Shares quickly rose on the announcement

Monday's move follows a major restructuring that Shell completed this summer in an effort to move from oil and gas to renewable energy and low carbon emissions. The business rethink has included thousands of job cuts around the world. In May, a Dutch court ordered Shell to deepen planned cuts in greenhouse gas emissions to align with the Paris climate agreement which aims to limit global warming to 1.5 degrees Celsius. Shell announced its appeal. , but, at this point, he has already voted with his feet …

My dear Greta, you are a big burden for continental Europe….

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Brexit article wins: Royal Dutch Shell becomes exclusively British comes from ScenariEconomici.it .

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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/brexit-vince-la-royal-dutch-shell-diventa-esclusivamente-butannica/ on Mon, 15 Nov 2021 14:29:05 +0000.