A landmark merger of Royal Dutch/Shell's two holding companies was imminent after the green light was given by London's High Court, the energy giant said on Tuesday. "Shell Transport is pleased to announce that, at a hearing held today, the High Court sanctioned the scheme of arrangement," the group said in a statement.
Earlier Tuesday, Royal Dutch/Shell said its public exchange offer for Royal Dutch was unconditional subject to the court sanction.
Sweeping aside 100 years of history, investors in the Anglo-Dutch group voted last month to back unification of the Royal Dutch Petroleum Company and Shell Transport and Trading in the wake of an internal reserves crisis that triggered an overhaul of the group's corporate governance structures.
The merger is to take effect Wednesday, when trading in the new company begins also in London and Amsterdam.
Trading in Royal Dutch and Shell Transport shares ceased on the London Stock Exchange at the close of markets Tuesday, while de-listing of the Royal Dutch shares from Euronext Amsterdam and the New York Stock Exchange would be sought as soon as possible.
In London trade, Shell closed down 1.68 percent at 528 pence as traders adjusted their positions ahead of Wednesday's unification. The capital's FTSE 100 meanwhile ended 0.24 percent down at 5,201.50 points.
At the close of the acceptance period of the Royal Dutch offer on Tuesday, some 91.69 percent of all outstanding Royal Dutch shares had been tendered, the group added.
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