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Shell says pension funds underfunded by $12 bln

LONDON, Jan 29 (Reuters) - Royal Dutch Shell Plc RDSa.L said its various pension funds around the world were underfunded by $11.83 billion after market turbulence hit asset values.

However, analysts said that even if the sum was to be reported among Shell’s liabilities, and Shell said the required treatment of the underfunding was not clear, gearing would still be a manageable 23 percent. (Reporting by Tom Bergin; Editing by David Holmes)

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