Murray Auchincloss of BP. Photo: Bloomberg
©Bloomberg
Shell said it has no intention of making a takeover offer for BP, refuting an earlier report that two of Europe’s biggest companies were in active merger talks.
The announcement quells speculation that the UK’s two oil majors would end up combining, following several years of poor performance from BP and rising pressure from activist shareholder Elliot Investment Management. Shell’s statement means it is bound by the UK Takeover Code, largely preventing it from submitting an offer for BP for six months.
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