Shell begins trading under simpler, single-line share structure
(Reuters) – Shell began trading with a single line of shares on Monday after the British oil major confirmed the assimilation of its A and B shares over the weekend as part of plans to simplify its two-tier structure.
The group, which ditched “Royal Dutch” from its name earlier this month after moving its headquarters to Britain from the Netherlands, said its shares would start their dealings on the Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange.
“The assimilation has not altered the total number of shares held by any shareholder or ADSs (American Depositary Shares) held by any ADS holder,” Shell said in its statement.
Its London-listed shares were up nearly 1% in early trade.
The oil company had floated plans of a simpler share structure in November and relocated its head office to London from The Hague, pushed away by Dutch taxes and climate pressure faced in court as the energy giant shifts from oil and gas.
Shell, which held its first board meeting in London on Dec. 31, introduced the two-class share structure in 2005 after a previous corporate overhaul.
(Reporting by Juliette Portala; Editing by Sherry Jacob-Phillips)