Shell Denies Takeover Talks with BP Amid Speculation
Shell has denied reports of talks to acquire BP, refuting claims by The Wall Street Journal. Shell emphasized its focus on internal business operations and not pursuing BP. Analysts believe BP's undervalued shares and halted renewable energy plans make it a potential takeover target.
- Country:
- United Kingdom
British oil giant Shell has refuted claims that it is in talks to acquire rival BP, quashing reports from The Wall Street Journal that suggested otherwise.
According to the Journal, sources alleged that Shell was engaged in early discussions for a takeover. However, Shell issued a statement to the London Stock Exchange, clarifying that it has no intention of pursuing such discussions with BP.
The oil industry speculates on BP's potential as a takeover target, following its abandoned focus on renewable energy, leaving shares undervalued. This follows the company's ongoing challenges since the 2010 Deepwater Horizon disaster.
(With inputs from agencies.)
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