Oil giant BP has been thrust into the spotlight as a prime takeover candidate, but energy analysts question whether any of the likeliest suitors will rise to the occasion.
Britain’s beleaguered energy giant, which held its annual general meeting on today, has recently sought to resolve something of an identity crisis by launching a fundamental reset.
Seeking to rebuild investor confidence, BP in February pledged to slash renewable spending and boost annual expenditure on its core business of oil and gas. CEO Murray Auchincloss has said that the pivot is starting to attract “significant interest” in the firm’s non-core assets.
BP’s green strategy U-turn follows a protracted period of underperformance relative to its industry peers, with its depressed share price reigniting speculation of a prospective tie-up with domestic rivals Shell, Exxon Mobil, and Chevron.
Full story Oil: BP is seen as a takeover target, reigniting Shell merger rumors
Share this:
