Last Modified: 20 Jul 2005
Shares in newly unified oil giant Royal Dutch Shell suffered a stock market pasting on their first day of trading.
Shell B shares, which originate from its former UK parent, opened higher but fell to close at 1805p, down 31p on the day.
Shell A shares, which originate from the Dutch side of the business, declined by 58p lower at 1766.5p.
The merger sees Royal Dutch Petroleum, which has its headquarters in the Hague, join forces with London-based Shell Transport & Transport.
The difference between the value of the A and B shares is explained by the fact that Dutch authorities impose a 25 per cent tax on dividends.
The unification of the Anglo-Dutch group marks the biggest overhaul in its 100-year history and is designed to eliminate failings that led to its reserves crisis last year.
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