Overview

• Adnoc considered a multibillion-pound bid for BP but halted discussions due to strategic and political concerns.
• BP's share price rose following reports of the potential takeover, reflecting its undervalued status compared to global competitors.
• Recent global oil industry mergers have fueled speculation about BP's vulnerability to a takeover.
• BP and Adnoc have a history of collaborations, including joint ventures in the Middle East and hydrogen projects.
• The UK government's power to intervene in significant acquisitions adds a layer of complexity to potential deals involving key national companies.