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In the last century, sixteen mergers have been structured as dual-listed companies: from Royal Dutch Shell in 1907 to Thomson Reuters in 2008. With such structures, the merging entities retain separate holding companies and shareholder registers. In theory, the aggregate market value of the two companies within a DLC should be no different than if it were a unified, single-share company. However, a common observation in dual- listed structures is a divergence from theoretical parity in the share prices between the constituent companies. Divergence can be systematic or random and...