In a reverse merger, the private firm merges with a public shell company.

WSJ: FBI Search Offices of 'Reverse Merger' Player

This reaction from the public shows Shell has serious problems in the court of public opinion, and that it ignores Arctic defenders at its peril.

CNN: Shell Oil's multibillion dollar Arctic hoax

Whether a Landesbank could hive off its domestic activities into a private venture and leave the public part an empty shell is questionable.

ECONOMIST: German public-sector banks: Slow progress | The