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yesterday

Shell Denies Talks to Acquire BP

The denial came after a Wall Street Journal report sparked a double-digit surge in BP shares.

Shell's acquisition of BP would likely cost the company upwards of $80 billion. 
A person pumps gas at a BP gas station on June 12, 2023 in Brooklyn.
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Overview

  • The Wall Street Journal said Shell and BP held early-stage merger discussions, citing people familiar with the matter.
  • Shell’s spokesperson called the report market speculation and stated that no takeover talks are taking place.
  • BP’s shares climbed as much as 10% in New York trading before paring most of those gains after Shell’s denial.
  • A combined Shell-BP entity would be worth over £200 billion and positioned to compete with U.S. oil majors such as Exxon Mobil and Chevron.
  • Any deal would face political sensitivities and require regulatory approval from multiple governments, including the UK under Prime Minister Keir Starmer.