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New York Times: Court Approves Unification of Shell Group

FROM OUR JULY 2005 SHELL NEWS ARCHIVE

New York Times: Court Approves Unification of Shell Group

“The restructuring came amid a scandal over Shell’s restatement of its oil and gas reserves. In February the company announced the fifth restatement in just over a year. In all, reserves have been cut by 6.85 billion barrels to 11.9 billion barrels at the end of 2004.”

Tuesday 19 July 2005

By THE ASSOCIATED PRESS

THE HAGUE, Netherlands (AP) — A British court on Tuesday approved the unification of the Royal Dutch/Shell Group of Cos. into one corporation in time for the start of trading a day later.

Shell declared its public exchange offer for all ordinary shares of Royal Dutch unconditional, with nearly 92 percent of outstanding shares in the Dutch arm having been tendered. Stock in the joint company will be traded beginning Wednesday morning in London and Amsterdam as Royal Dutch Shell PLC. read more

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The former Country home of Shell oil baron Henri Deterding

But if the traditional construction was backward-looking, the client was a man of his time: H W Deterding, director general of Royal Dutch Petroleum, soon to be known as Shell.

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NYC trial date for racketeering claims against Shell

Shell was once a major driller in Nigeria's oil-rich Ogoni region. The lawsuit alleged Shell made payments and provided arms to security forces that it knew abused local communities.

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Royal Dutch Shell to clear up Dutch holding company minorities

AFX News Limited: Royal Dutch Shell to clear up Dutch holding company minorities

Tuesday 20 Sept 2005

09.20.2005, 04:05 AM

LONDON (AFX) – Royal Dutch Shell Group announced details of its plan to clear up minority shareholdings in its former Dutch holding company, following the restructuring of the Anglo-Dutch oil giant.

It said that Royal Dutch Petroleum will be merged into a new subsidiary, Shell Petroleum NV. Remaining minority shareholders in Royal Dutch Petroleum, accounting for about 1.5 pct of its equity, will receive cash or loan notes exchangeable into Royal Dutch Shell A shares. read more

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Royal Dutch rebels in the spotlight

Daily Telegraph: Royal Dutch rebels in the spotlight

“The Association of Private Client Investment Managers and Stockbrokers yesterday shed light on the number of rebel British investors in Royal Dutch Petroleum who are refusing to accept the terms of the merger with Shell Transport and Trading.”

Saturday 3 September 2005

By Christopher Hope (Filed: 03/09/2005)

The Association of Private Client Investment Managers and Stockbrokers yesterday shed light on the number of rebel British investors in Royal Dutch Petroleum who are refusing to accept the terms of the merger with Shell Transport and Trading.

A stubborn rump of 1.3pc of holders in Royal Dutch had failed to accept the merger because British holders of the stock have had to pay a large capital gains tax bill on their holding as a result. read more

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Channel 4 News: ‘New Shell’ shares slump

ITN Channel 4 News: ‘New Shell’ shares slump

“Shares in newly unified oil giant Royal Dutch Shell suffered a stock market pasting on their first day of trading.”

Wednesday 20 July 2005

Last Modified: 20 Jul 2005

Shares in newly unified oil giant Royal Dutch Shell suffered a stock market pasting on their first day of trading.

Shell B shares, which originate from its former UK parent, opened higher but fell to close at 1805p, down 31p on the day.

Shell A shares, which originate from the Dutch side of the business, declined by 58p lower at 1766.5p.

The merger sees Royal Dutch Petroleum, which has its headquarters in the Hague, join forces with London-based Shell Transport & Transport. read more

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FORBES: Court Expected to OK Unification of Shell

FORBES: Court Expected to OK Unification of Shell

“A British court was expected Tuesday to approve the unification of the Royal Dutch/Shell Group of Cos. into one corporation in time for the start of trading a day later.”

Tuesday 19 July 2005

A British court was expected Tuesday to approve the unification of the Royal Dutch/Shell Group of Cos. into one corporation in time for the start of trading a day later.

Shell declared its public exchange offer for all ordinary shares of Royal Dutch unconditional, with nearly 92 percent of outstanding shares in the Dutch arm having been tendered. Stock in the joint company will be traded beginning Wednesday morning in London and Amsterdam as Royal Dutch Shell PLC.

Assets of the oil giant are currently split 60-40 between Royal Dutch Petroleum, based in The Hague, Netherlands, and the London-based Shell Transport & Trading Co. read more

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Royal Dutch/Shell merger declared unconditional

Reuters: UPDATE 2-Royal Dutch/Shell merger declared unconditional: “The merger is aimed at restoring confidence in Shell, after a damaging reserves-overbooking scandal last year…”

Tuesday 19 July 2005

By Karl Hanuska and Tom Bergin

AMSTERDAM/LONDON, July 19 (Reuters) – Royal Dutch/Shell Group (RD.AS: Quote, Profile, Research)(SHEL.L: Quote, Profile, Research) has cleared the final hurdle in the planned merger of its Dutch and UK holding companies, after Royal Dutch shareholders pledged their shares to the deal.

The world’s third-largest oil group by market capitalisation said on Tuesday that 91.69 percent of shares in Royal Dutch, which owns 60 percent of the dual-headed group, had been tendered for exchange into shares in the unified firm. read more

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New York Times: Court Approves Unification of Shell Group

New York Times: Court Approves Unification of Shell Group

“The restructuring came amid a scandal over Shell’s restatement of its oil and gas reserves. In February the company announced the fifth restatement in just over a year. In all, reserves have been cut by 6.85 billion barrels to 11.9 billion barrels at the end of 2004.”

Tuesday 19 July 2005

By THE ASSOCIATED PRESS

THE HAGUE, Netherlands (AP) — A British court on Tuesday approved the unification of the Royal Dutch/Shell Group of Cos. into one corporation in time for the start of trading a day later.

Shell declared its public exchange offer for all ordinary shares of Royal Dutch unconditional, with nearly 92 percent of outstanding shares in the Dutch arm having been tendered. Stock in the joint company will be traded beginning Wednesday morning in London and Amsterdam as Royal Dutch Shell PLC. read more

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Shell says could lower minimum share exchange acceptances from 95 pct to 75 pct

Forbes.com: Shell says could lower minimum share exchange acceptances from 95 pct to 75 pct

“The Royal Dutch Shell group of companies said they reserve the right to lower the minimum acceptance level for the share exchange that creates the unified Royal Dutch Shell PLC from 95 pct to as low as 75 pct.”

Friday 8 July 2005

LONDON (AFX) – The Royal Dutch Shell group of companies said they reserve the right to lower the minimum acceptance level for the share exchange that creates the unified Royal Dutch Shell PLC from 95 pct to as low as 75 pct.

Shareholders of both Royal Dutch Petroleum Co NV and Shell Transport and Trading Co PLC have already approved the move by overwhelming majorities.

The group said today’s announcement is not an indication of the current level of acceptances on the exchange offer and does not mean the minimum acceptance level will actually be reduced. read more

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Stars aligning for Royal Dutch Shell

MarketWatch.com: Stars aligning for Royal Dutch Shell

Tuesday 28 June 2005

Rising crude price, index reweighting giving a boost

By Steve Goldstein, MarketWatch

LONDON (MarketWatch) — For a company recovering from a scandal surrounding its overstatement of proven oil reserves, the stars could hardly be aligning better for Royal Dutch Shell.

Shell (RD: news, chart, profile) (SC: news, chart, profile) , like the entire energy category, is benefiting from record crude-oil prices that have now topped $60 a barrel.

And, assuming shareholder approval Tuesday of the merger of its Dutch-listed company, Royal Dutch Petroleum, which presently holds 60% of assets, with U.K.-listed Shell Trading and Transport, which holds 40%, it should get a lift from index funds as well as more active investors having to meet the company’s increased standing in the FTSE 100 index as well as other European indexes. read more

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Financial Times: Much agonising over what to do

Financial Times: Much agonising over what to do

Tuesday 28 June 2005

The shareholder base of Royal Dutch and Shell Transport and Trading is so varied that investors inevitably disagree on whether the restructuring marks the end or the beginning of reform for the group, writes Sundeep Tucker.

At the height of the scandal last summer over the level of oil reserves it had booked, Jeroen van der Veer, the group’s lead executive, held a number of meetings with shareholders in the US, The Hague and the City of London. The discussions centred on investor demand for a structure that would foster accountability and transparency in decision-making. read more

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Shell prepares for the next merger round

Financial Times: Shell prepares for the next merger round

“The reserves debacle had seriously dented shareholder confidence”

Tuesday 28 June 2005

By Ian Bickerton, James Boxell, Thomas Catan and Henry Tricks

On the top floor of London’s towering Shell Centre, a cavernous boardroom looms over the Houses of Parliament, filled with high-backed chairs and rows of angled microphones. For decades, British and Dutch directors from two separate companies have held eight “conferences” a year, alternating between there and The Hague, to decide on the business of Royal Dutch/Shell Group. But if shareholders on Tuesday approve the most radical restructuring in its history, the London room will fall into disuse. Instead, board members will assemble each time in a gabled building, topped by a clock tower, in the vicinity of the Dutch parliament. read more

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Shareholders Set to OK Shell Unification (AP)

Schaeffers Research, Ohio: Shareholders Set to OK Shell Unification (AP)

28 June 2005

By ANTHONY DEUTSCH Associated Press Writer

THE HAGUE, Netherlands

Shareholders are expected to approve the merger of the Anglo-Dutch parent companies of Royal Dutch/Shell on Tuesday, ending a century-old dual corporate structure at the world’s third largest oil producer.

Shell announced the plans along with its third quarter earnings on Oct. 28. The announcement came amid a scandal over the repeated downgrading of its strategic oil reserves, which form the backbone of its business. read more

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Shell investors set to ditch dual listed structure

Reuters: Shell investors set to ditch dual listed structure:nif

Tue Jun 28, 2005

By Tom Bergin, European Oil and Gas Correspondent

LONDON (Reuters) – Royal Dutch/Shell (SHEL.L: Quote, Profile, Research) (RD.AS: Quote, Profile, Research) shareholders are expected to end a century of history on Tuesday when they vote on scrapping the group’s dual-listed structure.

Shell hopes the unification of its Dutch and British parent companies will help streamline its management structure, whose complexity was blamed for a damaging reserves overbooking scandal last year. read more

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The boards of Royal Dutch Petroleum and Shell Transport and Trading will be merged

Daily Telegraph (UK): The week ahead: The boards of Royal Dutch Petroleum and Shell Transport and Trading will be merged into one with a single chairman and chief executive

Monday 27 June 2005

A guide to company results and meetings, and economic statistics (Filed: 27/06/2005)

Shareholders of oil giant Royal Dutch/Shell are expected to vote in favour of a restructuring programme at Tuesday’s annual meeting that will simplify the firm’s complex dual-board structure.

The boards of Royal Dutch Petroleum and Shell Transport and Trading will be merged into one with a single chairman and chief executive. read more

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Shell to end going Dutch and unite

THE BUSINESS: Shell to end going Dutch and unite

Sunday 26 June 2005

By: Richard Orange June 26, 2005

THIS Tuesday, Royal Dutch/Shell’s management team go their separate ways. Chairman Jeroen van der Veer is off to The Hague, taking with him refining head Rob Routs and gas chief Linda Cook. Exploration head Malcolm Brinded stays in London, bringing along retiring chairman Lord Oxburgh.

Management might act as one when deciding on what terms to accept for one of the company’s multibillion dollar mega-projects, as the company has always claimed, but each director is subservient to the board of one half or other of the separate listed arms of Royal Dutch Petroleum and Shell Transport and Trading. read more

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Far from a fresh start for Shell

ShellNews.net: Royal Dutch Shell plc: Far from a fresh start for Shell

10 June 2005

By Alfred Donovan

The Herald, a Scottish newspaper, published an article today under the headline: “Chastened Shell sets out latest guidelines on oil reserves.”

The following is an extract: “Shell stunned world financial markets in January 2004 when it slashed proven oil and gas reserves, or oil still in the ground, by 20%, the equivalent of 3.9 billion barrels. Further, smaller disclosures followed along with the revelation that the group’s former management had known about the vast overbooking and lied to cover it up.” read more

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Dutch are ready if push comes to squeeze

Daily Telegraph: Dutch are ready if push comes to squeeze

4 June 2005

Fancy a Dutch squeeze-out? Such things are common in Holland, and not only on stag weekends in Amsterdam’s Red Light district.

Minority shareholders in Royal Dutch Petroleum who fail to accept the plan to scrap Shell’s arcane dual structure may be about to feel the squeeze. Royal Dutch needs holders of 95pc of its shares to agree to complete the merger with Shell Transport & Trading, which is a tall order for such a widely held stock.

Curiously, the company is unworried. If it falls short, it can mount its Dutch squeeze-out, and force the minority to take cash for their holdings. It can threaten to suspend dividend payments to the recalcitrant few. read more

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We need Dutch courage to compete with the US

The Times: We need Dutch courage to compete with the US

“Even the great Dutch firms are looking a bit sickly: Royal Dutch Petroleum, the senior Shell partner, is low in oil and embroiled in scandal…”

European Briefing

By Carl Mortished

October 06, 2004

WHO will be the great Dutch traders of the 21st century? A small and exceedingly wealthy country, the Netherlands has always been about trade, more about buying and selling things than making them. From the early 17th century the Dutch have been roaming the world, finding inexpensive goods and shipping them out or exploiting cheap labour in remote places for a quick profit.

What has happened to the flair, the ruthless eye for commercial advantage? Today, the Netherlands looks rich but tired, its economy is going gently nowhere and unemployment is on the rise. Even the great Dutch firms are looking a bit sickly: Royal Dutch Petroleum, the senior Shell partner, is low in oil and embroiled in scandal, Unilever has been mugged by American competitors while Philips is treading water in a sea of Asian electronics. And KLM? It has been devoured by the French. read more

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Shell Says It Will Sell More Assets, Increase Capital Spending

Bloomberg: Shell Says It Will Sell More Assets, Increase Capital Spending

“The company settled investigations with the SEC and the U.K.’s Financial Services Authority in July. Probes by the U.S. Justice Department, the Dutch securities regulator and the Euronext stock exchange are continuing.”

Sept. 22 (Bloomberg) — Royal Dutch/Shell Group, the world’s third-largest publicly traded oil company, said it plans to sell $10 billion to $12 billion of assets in the next two years to improve profitability while it raises capital spending.

The oil and gas division of Shell, based in London and The Hague, is targeting $5 billion of divestments, dilutions and other transactions during that time, the company said in a statement on PR Newswire.

Shell Chairman Jeroen Van der Veer, 56, wants to restore investor confidence after the company disclosed in January it had wrongly accounted for a fifth of its oil reserves. That led to the ouster of his predecessor and two other top executives and $150 million in fines from U.S. and U.K. regulators. read more

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Shell Transport And Trading Buys Back 2M Shares

The Wall Street Journal: Shell Transport And Trading Buys Back 2M Shares read more

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Shell Appoints Citigroup, Rothschild As Financial Advisors

The Wall Street Journal: Shell Appoints Citigroup, Rothschild As Financial Advisors

DOW JONES NEWSWIRES

July 13, 2004 7:36 a.m.

Edited Press Release

LONDON — The Royal Dutch/Shell Group of Companies said Tuesday that it has appointed Citigroup and N M Rothschild as financial advisors to the Steering Committee, chaired by Lord Kerr, reviewing Shell ‘s structure and governance.

On June 17, 2004, Shell confirmed that the review, first announced on Mar. 5, 2004, included possible simplification of the management structures of the Boards and the Group; improvements to decision-making processes and accountability and enhancing effective leadership for the Group as a whole. read more

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Shell Weighs End Of Dual Boards As Pressure Rises

The Wall Street Journal: Shell Weighs End Of Dual Boards As Pressure Rises

By CHIP CUMMINS

Staff Reporter of THE WALL STREET JOURNAL

June 18, 2004; Page A3

Posted 19 June 04

LONDON — Royal Dutch/Shell Group said it is considering doing away with its nearly century-old, dual-board structure amid mounting pressure from big investors following the Anglo-Dutch oil company’s energy-reserve scandal.

Creating a single, unified board is among a number of options the company said it is considering to simplify its corporate structure. Royal Dutch Petroleum Co. of The Hague and London-based Shell Transport & Trading Co. jointly own Shell’s operating companies, holding 60% and 40%, respectively. The company is run by a committee of managing directors, a group of executives who act as Shell’s top management body. The committee answers to separate boards from each parent company. read more

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Investors ‘to embarrass’ Shell board

Financial Times: Investors ‘to embarrass’ Shell board

By Sundeep Tucker in London

Posted 14 June 04

At least six leading investors in Shell Transport & Trading are planning to ask “embarrassing” questions at this month’s annual meeting unless the company provides satisfactory details of its internal review into governance and structure.

The oil group, which is reeling after four reserves downgrades since January and management upheaval, has promised to review its corporate structure.

But shareholders are growing increasingly impatient at the lack of transparency surrounding the process and, unusually, are preparing to vent publicly their frustration at the London meeting on June 28. Royal Dutch Petroleum, Shell’s larger Netherlands-based arm, holds its annual meeting in The Hague on the same day. read more

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Investors ‘to embarrass’ Shell board

Financial Times: Investors ‘to embarrass’ Shell board

By Sundeep Tucker in London

Posted 14 June 04

At least six leading investors in Shell Transport & Trading are planning to ask “embarrassing” questions at this month’s annual meeting unless the company provides satisfactory details of its internal review into governance and structure.

The oil group, which is reeling after four reserves downgrades since January and management upheaval, has promised to review its corporate structure.

But shareholders are growing increasingly impatient at the lack of transparency surrounding the process and, unusually, are preparing to vent publicly their frustration at the London meeting on June 28. Royal Dutch Petroleum, Shell’s larger Netherlands-based arm, holds its annual meeting in The Hague on the same day. read more

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DETERDING BURIAL PLANS

DETERDING BURIAL PLANS

Oil Operator’s Body to Be Taken to His German Estate

ST. MORITZ, Switzerland, Feb. 6 (AP).–The family of Sir Henri Deterding gathered at the Swiss villa where he died unexpectedly Saturday to take the body of the 72-year-old Netherlands-born oil operator back to his estate at Dobbin, Mecklenburg, Germany, for burial.

His two sons came from England to join Lady Deterding who, friends said, is expecting the birth of a child next month.

Sir Henri, .who bad a personal fortune estimated at $150,000,000 or more and who retired in 1937 from the director generalship of the Royal Dutch Petroleum Company, also is survived by a daughter by his first marriage and two daughters by his second. His first wife died, the second marriage ended in a divorce and in 1936 he married a 38-year-old secretary. read more

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Dutch Shell Head Dies In Holland

SAN ANTONIO EXPRESS Dutch Shell Head Dies In Holland: Sunday 5 February 1939

EXTRACTS

Sir Henri Wilhelm August Deterding was an outstanding figure in world financial affairs because of his role as guiding genius of the great Royal Dutch Petroleum Company, of which he remained a director after retiring from the post of director-general.

He was known as a bitter foe of Soviet Russia and was named at a Moscow trial as having aided in a plot against the Soviet government.

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BIG OILMAN: A Leftist Life of Sir Henri Deterding of Royal Dutch Shell

THE GALVESTON DAILY NEWS: BIG OILMAN: A Leftist Life of Sir Henri Deterding of Royal Dutch Shell: SUNDAY, JUNE 12, 1938 Page 19

EXTRACTS

The author believes that the enormous financial and political power wielded by a really big-shot capitalist like Deterding is a very dangerous influence in world affairs – and particularly when such power is used, as Deterding, according to the author, used it in the post-war years to organize the forces of fascism in Europe, to wage an unremitting propaganda campaign against Soviet Russia and to subsidize the nazi movement in Germany. Besides subsidizing the nazis in the hope that Hitler will launch a crusade against Soviet Russia, Deterding, says the author, also admired Mussolini, sides with Franco, has his doubts about democracy, believes that youth should be “disciplined” and all “idlers” shot. read more

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DETERDING AIDS REICH AS WAY TO BAR REDS

THE NEW YORK TIMES: DETERDING AIDS REICH AS WAY TO BAR REDS: 31 December 1937

Explains Purpose of Plan to Buy Netherland Food Products for Shipment to Germany.

Wireless to THE NEW YORK TIMES

AMSTERDAM. The Netherlands. 

Dec. 30.–In a statement appearing in the leading newspapers here, Sir Henri Deterding, chairman of the Royal Dutch Petroleum Company explains his plan to purchase about 10,000,000 guilders’ worth of Netherland cattle and agricultural products for the German food supply. read more

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