Major oil and gas company Shell is considering quitting the London Stock Exchange and moving its primary stock listing to New York, The Telegraph reported.
Such a decision stems from concerns about investor apathy on the London Stock Exchange. According to the company management, Shell shares are undervalued. As of April, the energy giant has a market capitalization of $230 billion, while its rivals, Exxon Mobil and Chevron, are valued at $480 billion and $300 billion respectively.
Earlier, Shell announced massive layoffs. In an effort to reduce operating costs by $2 billion to $3 billion, the company eliminated at least 20% of jobs in its team responsible for making deals.
