Former
Shell
chief
executive
Ben
van
Beurden
said
he
believes
the
company
is
“massively
undervalued”
in
London.
On
Tuesday
he
told
the
Financial
Times
at
a
commodities
summit
that
US-listed
companies
benefited
from
a
deeper
pool
of
capital,
higher
valuations,
and
“more
positive”
attitudes
from
investors.
Van
Beurden
believes
a
discount
between
European
and
US-listed
companies
has
“existed
for
a
long
time,
and
it
will
take
a
long
time,
maybe
forever,
to
resolve.”
“The
share
price
today
is
at
an
all-time
high,
but
it
could
be
significantly
higher
from
where
it
is
today,”
he
said.
Van
Beurden’s
remarks
follow
similar
comments
by
Wael
Sawan,
Shell’s
current
chief
executive,
who
expressed
his
reservations
during
an
interview
with
Bloomberg
on
Monday.
Sawan
told
the
news
and
data
outlet
the
company
is
looking
at
“all
options”
for
its
listing
amid
concerns
it
is
under-appreciated
by
investors.
“I
have
a
location
that
clearly
seems
to
be
undervalued,”
he
remarked,
referring
to
London.
His
comments
sent
alarm
bells
ringing
that
Shell,
which
is
Britain’s
most-valuable
listed
company
and
worth
around
£183
billion,
could
become
the
latest
blue
chip
business
to
flee
the
London
market.
The
London
Stock
Exchange,
which
has
struggled
to
attract
sizeable
new
listings,
has
suffered
a
string
of
high-profile
transfers
of
primary
listings.
Building
materials
firm
CRH
PLC
moved
its
primary
listing
to
New
York
in
September.
Plumbing
and
heating
products
supplier
Ferguson
PLC
did
the
same
in
May
2022,
months
after
miner
BHP
Group
Ltd
shifted
its
main
listing
to
Sydney.
More
recently,
Paddy
Power
owner
Flutter
Entertainment
PLC
announced
it
was
looking
to
move
its
primary
listing
to
New
York
in
May.
Shell
shares
were
up
1.1%
to £28.58
pence
each
in
London
on
Wednesday
morning.
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