British oil giant Shell is considering withdrawing from the London Stock Exchange to move to New York, where it is considering all options for its listing, according to the company's top official, in a major blow to London.
According to a report by The Telegraph newspaper, quoted by CNBC, the company's CEO, Wael Sawan, said that the oil giant is considering all options regarding listings, adding that I have a site that appears to be undervalued.
Sawan considered that the current decline in Shell's value represents a great investment opportunity, adding that he will continue to buy back those shares, as well as buy back those shares at a reduced price.
Sawan pointed to the discrepancy in valuation between Shell and US-listed oil groups such as Exxon Mobil and Chevron.
In a clear warning to the London Stock Exchange, the Shell official said: “If we work through the rapid transformation plan and do what we are doing, and we still don’t see the gap narrowing, we have to look at all options to launch.”
