Written by By Johann Rupert, CNN London Written by Johann Rupert, CNN
Shell is to abandon its Dutch stock name in favor of London and shift all its assets to the UK, according to a company statement on Wednesday.
The diversified international energy giant, which has offices around the world and described its move to London as a “reorganization,” said its corporate logo will change “within the next few weeks.”
It will also move to all-stock classification, abandoning a dual-class share structure.
It’s the latest in a wave of shifts from international multi-national corporations to the UK as a result of the Brexit vote.
The UK will become “the global, pivotal hub for the company,” said the statement.
Shell employs some 30,000 people globally, including 15,000 in Britain, and 77% of its assets are located in the UK, according to the statement.
The energy group is also Britain’s largest investor in the North Sea, and the fifth largest company by turnover, according to the statement.
It plans to relocate the majority of its executive leadership team from the Netherlands to London.
When the company moves its voting stockholders to the British market, shareholders representing an average of 5.1% of the shares will qualify to vote at ordinary annual general meetings, according to the statement.
“We expect the move to positively impact on Shell’s financial performance and our business profile,” the statement said.
Shell’s announcement comes weeks after Apple pledged to move its base to the UK post-Brexit, saying that manufacturing activities would move there.