Reuters: Shell has 95 pct of Royal Dutch as it nears squeeze out: “The delisting of Royal Dutch is the last important step in ending almost a century of the dual-headed management structure which was blamed for an oil and gas reserves overbooking scandal last year. After the scandal, shareholders forced management to unify the structure.”: Posted Wednesday 3 August 2005
LONDON (Reuters) - Oil giant Royal Dutch Shell said it had acquired over 95 percent of the shares of the oil group's former Dutch parent, Royal Dutch, paving the way for a squeeze out of minority shareholders.
Anglo-Dutch Shell, the world's third largest oil company by market value, said on Tuesday it had requested Royal Dutch's shares be de-listed from stock markets in Amsterdam and New York.
In July, Shell's two former parents, Royal Dutch and UK-based Shell Transport & Trading, merged.
The delisting of Royal Dutch is the last important step in ending almost a century of the dual-headed management structure which was blamed for an oil and gas reserves overbooking scandal last year.
After the scandal, shareholders forced management to unify the structure.
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