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Shell in early talks to acquire London-based oil rival BP: Reports
BP is under intense pressure after years of under-performance and the intervention of aggressive activist shareholder Elliott Investment Management
Bloomberg
Royal Dutch Shell Plc is in early talks to acquire BP Plc, which is considering the approach carefully, the Wall Street Journal reported.
Shares of BP traded in New York jumped as much as 10% to $32.94.
BP is under intense pressure after years of under-performance and the intervention of aggressive activist shareholder Elliott Investment Management. Speculation has been growing that the London-based company would become a takeover target, and Bloomberg reported in May that Shell had been studying the merits of a deal.
A successful combination of Shell and BP would become one of the oil industry's largest-ever takeovers, bringing together the iconic British majors in a transaction that's been discussed on and off for decades. The companies were once close rivals — with a similar size, reach and global clout — but their paths have diverged in recent years after BP moved too quickly into low-carbon energy.
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