Shell has denied it is in talks to acquire rival BP after months of speculation about a deal that would combine the two of the world's biggest oil companies, says the Financial Times.
“This is further market speculation. No talks are taking place,” said a Shell spokesperson, who added that the company has repeatedly said it is focused on its own performance, rather than growing through a major acquisition.
The statement followed a report by the Wall Street Journal that the two companies were in early stage talks about a takeover deal that would create a global energy group worth more than £200bn. However, Shell chief executive Wael Sawan has expressed little public interest in pursuing a takeover of its rival, telling the FT in May that he preferred to buy back Shell’s own shares than to use the money on a deal for BP.
Full story Shell denies takeover talks with UK rival BP
Share this:
