Financial Times: Shell hit by strike in Rotterdam: “Workers at Royal Dutch Shell's refinery in Rotterdam yesterday started the first strike to hit the Anglo-Dutch energy group since 1979. They were protesting at the company's plans to raise their retirement age and change their pension schemes.”: Tuesday 1 November 2005

By Clay Harris and Carola Hoyos

Published: November 1 2005

Workers at Royal Dutch Shell's refinery in Rotterdam yesterday started the first strike to hit the Anglo-Dutch energy group since 1979.

They were protesting at the company's plans to raise their retirement age and change their pension schemes.

The 416,000 barrel-a-day Pernis refinery, (above), Europe's largest, began to shut down yesterday evening as representatives of CNV Chemie en Energie, the trades union, threatened to broaden their strike to include Shell's natural gas production facilities where ExxonMobil, the US energy group is a partner.

They said they would reduce production there by 50 per cent. The measure would take about a week.

Meanwhile minority shareholders in Royal Dutch who did not accept the share exchange offer that created Royal Dutch Shell are to be paid €52.21 (£35.40) in cash for each of their shares.

The price is based on twice the average price of Royal Dutch Shell A shares between July 20 and October 28. Eligible UK resident shareholders will be offered a loan note alternative, enabling them to avoid immediate capital gains tax liability.

Some 1.5 per cent of Royal Dutch shares are still outstanding. The restructuring is subject to approval at an shareholders meeting in The Hague on December 16.

Carola Hoyos and Clay Harris

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