Shell is evaluating the possibility of a takeover of rival oil supermajor BP, according to reports. Shell’s musings over a bid for BP are at an early stage and turning them into action is likely to depend on a continued downward trajectory for the latter’s share price, which has fallen 31% over the last year, said Bloomberg.
As well as being a blockbuster deal for the fossil fuel sector, any Shell-BP merger would unite two energy giants whose recent fortunes have been bound up with shifts towards – and then away from – renewables and a net zero strategy.
Full story Shell 'weighs BP takeover' amid renewable energy retreat | Recharge
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