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Shell Says It Isn't in Talks to Take Over Oil Rival BP
Posted
June 25, 2025
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June 25, 2025
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Bloomberg's Will Hares breaks down chatter around oil company Shell, after it denied a Wall Street Journal report it was interest in talks to take over rival BP. Hares says that despite the denial, there could be some future for a smaller deal between the companies.
Shell Plc denied a Wall Street Journal report that it is in active talks about acquiring its London-based oil rival BP Plc.
“This is further market speculation. No talks are taking place,” a Shell spokesperson said.
BP surged as much as 10% in New York earlier on Wednesday on the report that it was in early-stage takeover talks with Shell. Shares of the company erased most of those gains to trade 1.2% higher as of 12:44 p.m. local time.
BP has been under intense pressure after years of poor performance and the intervention of activist shareholder Elliott Investment Management. A strategy “reset” announced in February by Chief Executive Officer Murray Auchincloss got a lukewarm reception, as analysts and investors questioned whether the company could achieve its goals of rising oil and gas production and improving returns.
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