No jobs need be axed, when there're still contractors around!
Shell is an avid supporter of contractors in jurisdictions with strong (and sometimes insane) employee rights. I would be too, if I wanted a dynamic business. As a contractor who is "mapped" to T-Systems (my existing contract will be "novated" across), I'm under no illusions. 1) The work must go on, so they'll need most of us, at least for the first 6-12 months. 2) T-Systems will, over time, try to reduce costs by finding cheaper people, probably local employees, instead of contractors. I wouldn't be surprised if they marched some Germans across the border, pink shirts and all. 3) Being a contractor involves risks, and most times that risk is amply compensated.
So as a skilled contractor in a country desperate for skilled people, I'm not worried. Although I guess I'm lucky - some contractors in retained departments will be replaced by relocated Shell staff at the end of their contracts. Given the largely arbitrary nature of the employee placements, I expect hilarity to ensue as poor department heads have to deal with ill-qualified recruits who've been thrust upon them!
Employees, on the other hand.... Well, many are indeed pissed off and disillusioned. Many have already and will leave of their own accord. Most who wanted places in the retained organisation didn't get it. Some didn't get the positions they hoped for. The shuffle has left a bad taste in many mouths, and that alone may have serious unintended consequences in the future.