[JURIST] In Thursday's corporations and securities law news, Royal Dutch/Shell announced a new restructuring plan which will combine the separate Dutch and English companies into a single group, Royal Dutch Shell. The new group will have a single board, chairman, and chief executive. Read the Shell press release announcing the new group here [PDF]. Shell has a webcast of the announcement here. Read materials from the London announcement here [PDF]. Read a release by the shareholders attorneys
who find the plan does not go far enough here. The Financial Times has more.
In other news, DaimlerChrysler announced the SEC is investigating the company over allegations by a fired employee of violations of 1977 Foreign and Corrupt Practices Act, a federal anti-bribery statute. AP has more.... Delta Air Lines' pilots union announced an agreement with the troubled airline which cuts wages by one-third. The move will save Delta approximately $1 billion annually and may keep it out of bankruptcy court. Read Delta's press release announcing the deal here. CNN has more.... European budget airline Ryanair announced it will repay the £2.8 million in illegal subsidies it got for staying at Charleroi airport in Belgium. The funds will be put into an escrow account until the European Court hears its appeal against the repayment order. BBC has more.... As previously reported on JURIST's Paper Chase, Marsh & McLennan Cos., accused of rigging bids for its client's insurance contracts by New York Attorney General Eliot Spitzer earlier this month, will likely settle the case by paying a fine of $500 million. Read the Spitzer complaint here [PDF]. Dow Jones has more.