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Companies team for technologies
LONDON, Oct. 28 (UPI) -- Royal Dutch/Shell unveiled a plan to combine the separate Dutch and English companies into a single group, the Financial Times reported Thursday.
Under the name Royal Dutch Shell, the new group will be incorporated and listed in the United Kingdom, with headquarters and tax residency in the Netherlands, a single board chairman and chief executive.
"I believe these proposals will help propel this group forward," said Jeroen van der Veer, who will become the first chief executive of the new group.
The restructuring, the most extensive in the group's 97-year history, comes after a year during which Shell had to restate more than a fifth of its reserves, which led to lawsuits by investors in the United States, Britain and the Netherlands. Shell paid $150 million in fines to U.S. and British regulators.
The company's release of third-quarter results Thursday was overshadowed by the admission it was again reviewing the equivalent of about 900 million barrels of oil reserves following an extensive audit.
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