What is going on at Shell? One minute they have a new chairman, the next he not going to join.
Seems very strange after it was all so nearly a done deal…
… so instead of moving to BP, Paul Skinner will remain with the mining company (Rio Tinto) and try to secure approval from shareholders for a controversial $19.5 billion cash injection from Chinalco, the metals group that is controlled by the Chinese Government…
See more about the whole story here.
What I don’t understand is, why would the shareholders of a company like Rio Tinto want to possibly hand control of their company over to the Chinese government?
Perhaps Paul Skinner comes from the same school that led Lloyds Group Chief Executive Eric Daniels to state that the purchase of HBOS by Lloyds was such a good deal! But I suppose, that’s the wonder of the finance!
Beasley's Place 