EXPRESS
Brexit Britain paves way for Frexit as French admit jealousy after Shell moves to UK
BREXIT BRITAIN may have just paved the way for Frexit and added momentum to calls for France to leave the European Union after the French admitted jealousy over oil giant Shell’s major shift to the UK.
By
PAUL WITHERS: 11:42, Tue, Nov 16, 2021 | UPDATED: 16:58, Tue, Nov 16, 2021
In a huge win for Brexit Britain, Royal Dutch Shell is scrapping its dual share structure and moving its head office to Britain from the Netherlands. The company is dropping “Royal Dutch” from its name – part of its identity since 1907 – to become Shell Plc. The firm has been embroiled in a row with Dutch authorities over the country’s 15 percent dividend withholding tax on some of its shares, which makes them less attractive for investors.
The new single structure with all shares under British law means none of its shares would be under this tax and will also enable the oil giant to quickly strike sale and acquisition deals.
The Dutch government responded by saying it was “unpleasantly surprised” by Shell’s decision to move its head office from The Hague to London.
The move is seen as a huge vote of confidence in the City of London following the UK’s departure from the EU, which triggered a shift in billions of euros in daily share trading from the English capital to Amsterdam. read more
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