By Paul Homewood
I’m only surprised they have not done so already!
Why ‘the dam would break’ if Shell quit the FTSE
The Sunday Telegraph, 14 April 2024
Endless hours have been spent imagining a world without oil as net zero looms decades in the future.
In London, however, stock exchange chiefs face the prospect of a more immediate – and more worrying – oil crisis: life without Shell.
Just two years after ditching the Dutch and delighting Britain’s Brexiteers by moving to the UK, Britain’s biggest company is now discussing leaving for New York.
London, says chief executive Wael Sawan, is devaluing his company. It can’t provide the capital, its politics are too turbulent and its taxes are too unpredictable. Just having a London address is pulling his share price down.
“I have a location that clearly seems to be undervalued,” he said in an interview published by Bloomberg on Monday.
He pledged to keep cutting costs to try and boost the company’s share price but added that if that did not work “we have to look at all options. All options.”