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Shell denies BP takeover talks amid market buzz and shareholder pressure
Shell had made an approach to BP, with the latter reportedly giving it careful consideration.
Despite Shell’s denial, the chatter around a potential deal isn’t unfounded. BP has been under intense shareholder pressure in recent months, especially from activist investor Elliott Investment Management, which has been pushing for major strategic changes amid years of underperformance.
Shell has firmly denied reports that it is in acquisition talks with BP, following a Wall Street Journal (WSJ) report that sent ripples through the global oil markets.
According to the WSJ, Shell had made an approach to BP, with the latter reportedly giving it careful consideration. A merger of this scale would not only reshape the energy landscape in Europe but would also create a formidable force against U.S. giants like Exxon Mobil and Chevron.
However, Shell moved quickly to shut down the speculation. In a statement to Bloomberg, a Shell spokesperson dismissed the report as “further market speculation”, adding, “No talks are taking place".
The news triggered immediate market reaction. BP shares surged by nearly 10% in early U.S. trading, before paring gains to settle up just 1.2%, underscoring the volatility such M&A rumors can unleash.
Despite Shell’s denial, the chatter around a potential deal isn’t unfounded. BP has been under intense shareholder pressure in recent months, especially from activist investor Elliott Investment Management, which has been pushing for major strategic changes amid years of underperformance. Bloomberg had earlier reported that Shell was internally studying the potential benefits of a BP acquisition as recently as May.
At current market values, Shell stands at over $200 billion, while BP is valued around $80 billion, meaning a deal would rival or even surpass the historic $83 billion Exxon–Mobil merger of 1999.
While no formal talks have been confirmed, the episode reflects growing speculation that BP may become a takeover target in a consolidating oil and gas sector that’s looking to bulk up amid the energy transition, volatile commodity markets and rising shareholder activism.
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