The day Shell bit the bullet

The merger of its Dutch and British arms took the market by surprise. At a meeting on Wednesday executives from the Anglo-Dutch oil giant agreed to dismantle its historic dual structure and merge its two operating companies into one, with one board and one chief executive. The radical move by a company known for its conservative, almost civil-service type mentality goes far beyond the demands of investors. The new company - Royal Dutch Shell - will be headquartered in the Netherlands but will have its primary stock market listing in the UK with an estimated market capitalisation of £105bn.