Business Services Industry
Shell Faces Probes, Lawsuits and Competition from BP.
Knight Ridder/Tribune Business News, April, 2004
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Apr. 26--Oil giant Shell urgently needs to embark on a damage limitation offensive with investors before regulatory probes and lawsuits send the crisis spiralling out of control.
The firm is under pressure to fast-track its review into the confusing Anglo-Dutch corporate structure, which was due to be presented by the end of June. It is thought to be considering hiring a major Wall Street firm such as Citigroup or Goldman Sachs to oversee the shake-up.
Friday's announcement by the Financial Services Authority that it is conducting a formal investigation into the overstatement of oil reserves has heightened tensions.
Reports of a DTI probe have been played...
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