Shell has denied reports that it is in talks to acquire BP in a historic £60 billion deal, despite ongoing market speculation about a potential merger between the two oil giants.
Reports emerged suggesting Shell and BP are discussing a potential megamerger that could create one of the world’s largest oil and gas companies, valued at more than £200 billion ($274 billion). The Wall Street Journal reported that while talks were progressing slowly, no final agreement has been reached.
A Shell spokesperson called the reports “further market speculation” and denied any current negotiations, although it was unclear if talks had happened before. Market observers have speculated that Shell might leverage its record profits to buy BP, whose shares have suffered amid a failed green energy strategy, disappointing financial results, and internal turmoil.
BP’s market value has dropped nearly a third over the past year to about £58 billion ($79 billion). The company’s turnaround efforts under CEO Murray Auchincloss, including scaling back low-carbon investments and refocusing on fossil fuels, have failed to regain investor confidence. BP also faces pressure from activist investors and criticism from environmental groups.
Meanwhile, Shell CEO Wael Sawan has emphasized prioritizing share buybacks and maintaining discipline over acquisitions. Earlier in the year, he denied takeover rumours and reiterated that Shell remains focused on improving performance and shareholder value.
BP declined to comment on the takeover rumours.
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