Shell shareholders on Tuesday re-elected Chair Andrew Mackenzie and CEO Wael Sawan, who said when asked about a potential deal for rival BP that the bar for mergers and acquisitions was very
Shell shareholders on Tuesday re-elected Chair Andrew Mackenzie and CEO Wael Sawan, who said when asked about a potential deal for rival BP that the bar for mergers and acquisitions was very high.
Media reports earlier this month suggested Shell was working with advisers to evaluate a potential acquisition of BP, whose shares have lost around 26% of their value in the past year versus Shell's drop of 12%.
Sawan won the support of 98.7% of shareholders at the group's annual general meeting and Mackenzie of 91.4%. In contrast, BP Chair Helge Lund only received around 76% at its AGM after years of share underperformance, and is set to leave his post in the coming months.
Echoing previous comments when asked about media reports that Shell was studying a bid for BP, Sawan said Shell's current share price makes buybacks an especially attractive way of spending money. Mackenzie told reporters he endorsed everything Sawan has said on the topic.
An activist resolution asking Shell to provide further information on its expectations for huge liquefied natural gas demand growth underpinning its LNG sales target, and how this is compatible with goals to cut carbon emissions, received around 20.6% support.
The level
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