Shell is considering leaving the London Stock Exchange – Kommersant

British oil and gas company Shell is considering delisting from the London Stock Exchange and listing in New York. A British newspaper writes about this The Telegraph with reference to the general director of the corporation Wael Sawan. In his opinion, Shell shares are now undervalued by investors. Mr. Sawan, in particular, pointed to the gap in the capitalization of Shell ($230 billion) and its competitors trading in New York – Exxon Mobil ($480 billion) and Chevron ($300 billion).

As The Telegraph notes, the London Exchange has traditionally been popular among oil, gas and mining companies, but recently, due to increased investor attention to the ESG (environment, social and governance) agenda, such enterprises are increasingly choosing other listing options. Last year, London-traded mining company Glencore spun off its coal division into a separate entity and floated shares in New York.

In 2021 Shell itself changed tax residence from Dutch to UK and abolished the dual share capital structure by converting the two types of shares into one listed in London. Previously, part of the company’s shares fell under the British and the other under the Dutch tax system, with the former being tax-free and the latter subject to a 15 percent tax.

Yana Rozhdestvenskaya