* Shell says new structure to speed up payouts
* Dutch court ordered Shell to accelerate energy shift
* 'Royal Dutch' to be dropped from name
(Adds analyst comment, background)
By Shadia Nasralla and Sachin Ravikumar
LONDON, Nov 15 (Reuters) - Royal Dutch Shell said
on Monday it would scrap its dual share structure and shift its
tax residence and head office to Britain from the Netherlands,
seeking to keep investors on board as the energy giant plans a
shift away from oil and gas.
The Anglo-Dutch company, which for years faced questions
from investors about its complex dual listing, also expects to
drop "Royal Dutch" from its name. It will become Shell Plc.
"The current complex share structure is subject to
constraints and may not be sustainable in the long term," it
said, as it announced its plan to focus its listing in London.
The company's shares, which will still be traded in
Amsterdam and New York under the plan, had climbed up 2.1% in
London by 0904 GMT after the news.
The move requires at least 75% of votes by shareholders at a
general meeting to be held on Dec. 10, Shell said.
"We see merits in the proposed restructuring of Shell's
shares structure and tax residence. Among other benefits, the
proposed changes will increase Shell's ability to buy back
shares," Jefferies said in a research note.
Monday's move follows a major overhaul Shell completed this
summer as part of its strategy to shift away from oil and gas to
renewables and low-carbon energy. The overhaul included
thousands of job cuts around the world.
In May, a Dutch court ordered Shell to deepen its planned
greenhouse gas emission cuts in order to align with the Paris
climate deal which aims to limit global warming to 1.5 degrees
Celsius. Shell has said it would appeal.
CALL FOR BREAK-UP
Shell is also battling calls made last month from activist
investor Third Point for the firm to be broken up into multiple
companies. Shell's top executives hit back, saying the
businesses work better together.
The Anglo-Dutch firm has been in a long-running tussle with
the Dutch authorities over the country's 15% dividend
withholding tax, which Shell sought to avoid paying with its two
share classes. Its new structure would resolve that issue.
"The simplification is designed to strengthen Shell's
competitiveness and accelerate both shareholder distributions
and the delivery of its strategy to become a net-zero emissions
business," Shell said.
Dutch Prime Minister Mark Rutte and his coalition had
planned to scrap the withholding tax in 2018 in order to retain
the headquarters of Shell and Unilever, another Anglo-Dutch firm
which has also now shifted to London. Dutch lawmakers opposed
the move. Rutte had warned it could prompt firms to relocate.
Consumer products giant Unilever abandoned its dual
Anglo-Dutch structure last year in favour of a single
London-based entity.
Corporate giants are under growing pressure to simplify
their structures with General Electric, Toshiba
and Johnson & Johnson announcing plans last week to
split into separate companies.
Dual listings, which are more expensive to maintain, are
also falling out of favour. Miner BHP, like Unilever, has also
called time on such a structure.
(Reporting by Sachin Ravikumar in Bengaluru and Shadia Nasralla
in London; Editing by Shounak Dasgupta and Edmund Blair)