Shell Launched Buyback

Oil giant Shell yesterday launched a planned buyback of its shares that will see up to 5 billion pounds, returned to shareholders.

The company launched the buyback program after it merged its two former parent companies earlier this year, with the aim of restoring shareholders' and investors' confidence after a damaging reserves overbooking scandal last year.
Analysts have said Shell is expected to buy back 4.5 billon pounds of its own shares by the end of the year.

The old Royal Dutch/Shell group was 60 per cent owned by the Royal Dutch Petroleum Company and 40 per cent by Shell Transport and Trading.

Shell said it had acquired 98.7 per cent of Royal Dutch ordinary shares and had requested its delisting from the Euronext bourse.