Royal Dutch Shell plans to ditch its dual share structure and move its tax residence from the Netherlands to the UK in a historic shift that sparked sharply divided reactions on each side of the North Sea.

The oil and gas supermajor, which is under fire from Wall Street activist investor Third Point, said a single class of shares would make buybacks easier and suggested acquisitions and disposals would be simpler as it pivots towards cleaner energy.

But the move also has sharply differing implications for the UK and the Netherlands. The Dutch government said it was an “unwelcome surprise” and was in “dialogue with the management of Shell over the consequences of this plan for jobs, crucial investment decisions and sustainability”. UK business secretary Kwasi Kwarteng celebrated the “clear vote of confidence in the British economy”.