The group wants to simplify its structure and "align its tax residence with the country in which it is registered, the United Kingdom", where it would also relocate its governing bodies, according to a statement.

The Dutch government said Monday it was "unpleasantly surprised" and "deeply regrets" the decision, Economic Affairs Minister Stef Blok said on Twitter.

Royal Dutch would also be removed from the name for the first time in 130 years.

"We are in discussions with Shell about the implications of this transfer in terms of jobs, strategic investments or sustainability," added Mr. Blok.

The move made headlines in the Dutch media on Monday, which lamented the loss of another company after Unilever, another Anglo-Dutch group whose shareholders in the Netherlands voted at the end of 2020 in favor of a single parent company based in London, in a post-Brexit political context.

Shareholders will have to vote on December 10 at a general meeting in Rotterdam, the Netherlands, on the proposed changes, which also include the creation of a single series of shares, while the group was listed until here via two types of titles, Class A and Class B.

On the British side, the Minister for Business and Energy Kwasi Kwarteng welcomed on the contrary "a clear vote of confidence in the economy" of the United Kingdom.

A building in the Shell group's refinery in the suburbs of Rotterdam, November 15, 2021 Robin UTRECHT ANP / AFP

Class B shares gained 1.17% to 1,676.40 pence around 11:30 am GMT.

Competitiveness, environment

The company justifies itself by saying that it wants to "strengthen Shell's competitiveness", for the benefit of both shareholders and environmental objectives, and specifies that its shares will remain listed in Amsterdam, London and New York.

The group intends in particular to "accelerate distributions" to shareholders via its share buyback program.

This rationalization "will make the company easier to maneuver but should not have a huge impact on its performance," said Laura Hoy, analyst at Hargreaves Lansdown.

The impact for shareholders "will probably be positive, but the future of the group remains very dependent on the price of oil," she adds.

At the end of October, an "activist" investment company, Third Point, called for the dismantling of Shell, citing a strategy considered contradictory between hydrocarbons and energy transition.

But "it seems unlikely" that Shell's announcements will respond to Third Point's demands, according to Richard Hunter analyst at Interactive Investor, recalling that the fund was asking to separate the historical exploration, refining and chemicals activities from energy-related activities. low carbon.

A tank in a Shell group refinery in the suburbs of Rotterdam on November 15, 2021 Robin UTRECHT ANP / AFP

"Shell is proud of its Anglo-Dutch heritage and will continue to be a major employer and maintain a significant presence in the Netherlands," the group said in its press release.

It has set itself a target of reducing its greenhouse gas emissions by half by 2030 compared to its 2016 levels, at its sites as well as for the energy it purchases elsewhere.

A decision taken in particular following the judgment in May of a Dutch court ordering the oil "major" to cut its emissions by 45% by 2030 and which Shell is appealing.

But this decision applies "regardless of our tax residence," according to Shell.

The oil giant Royal Dutch Shell had disappointed at the end of October with a loss in the third quarter due to a massive accounting charge.

© 2021 AFP