AFX News Limited: Royal Dutch Shell to clear up Dutch holding company minorities: Tuesday 20 Sept 2005
09.20.2005, 04:05 AM
LONDON (AFX) - Royal Dutch Shell Group announced details of its plan to clear up minority shareholdings in its former Dutch holding company, following the restructuring of the Anglo-Dutch oil giant.
It said that Royal Dutch Petroleum will be merged into a new subsidiary, Shell Petroleum NV. Remaining minority shareholders in Royal Dutch Petroleum, accounting for about 1.5 pct of its equity, will receive cash or loan notes exchangeable into Royal Dutch Shell A shares.
Until recently, the group had two separately-listed holding companies: Royal Dutch Petroleum NV in the Netherlands and Shell Transport & Trading in the UK, which owned all group operating subsidiaries in the ratio 60:40. The two holding companies were consolidated into one new holding company, Royal Dutch Shell.
The final terms, including the price paid to Royal Dutch minority shareholders, will be announced in the fourth quarter of the year. The restructuring is expected to be completed by year-end.
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