Shell launches trading with single line of shares
Shell has launched the trading of a single line of ordinary shares, the oil major reported on January 31, after doing away with its two-tier share structure over the weekend as a part of broader corporate overhaul.
Trading of the single-line shares has commenced today on Euronext Amsterdam and the London Stock Exchange, Shell said. The trading of single-line American Depositary Shares will also start today on the New York Stock Exchange.
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The simplifying of Shell's share structure was among a number of changes that the company's board proposed and shareholders unanimously approved last year. Shell has also dropped the "Royal Dutch" from its name, and is moving its tax residence and corporate meetings to the UK.
The relocation to the UK follows a landmark Dutch court ruling, which ordered Shell to do more to address its emissions, although the major insists the decision had nothing to do with this. Changing its tax residency will also mean Shell avoids the Netherlands' 15% dividend withholding tax.