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Shell threatens to quit its London listing for New York

Published 08/04/2024, 13:40
Updated 08/04/2024, 13:40
© Reuters Shell threatens to quit its London listing for New York

Proactive Investors - London could be set to experience its biggest hit in the exodus of listed companies after Shell PLC (LON:SHEL) warned it may move its listing to the US.

Wael Sawan, the boss of the largest company in the FTSE 100, said the oil giant was considering "all options" regarding listings.

He said Shell (LON:RDSa)'s current undervaluation presented "a fantastic investment opportunity".

“I will keep buying back those shares, and buying back those shares at a discount," he added.

Sawan noted the discrepancy in valuation between Shell and US-listed oil groups like Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX).

In a clear warning to the LSE, he said: "“If we work through the sprint, and we are doing what we are doing, and we still don’t see that the gap is closing, we have to look at all options.”

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Latest comments

i thought the London stock market was so profitable!
Our current governent will collapse out economy sooner then we think
Unfortunately the replacement hasn't a clue either. Stand by for more of the same.
so I'm not crazy for wanting to sell all my uk shares and just stick to US shares. UK shares are complete trash, it's been at the same level for the last 20 years.
Wouldn't be surprised if BP does the same. Once they have moved they wouldn't be subject to Tory or Labour windfall taxes. In fact the exchequer would loose full stop
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