Shell denies reports of potential move to take over BP
Reports that Shell is in talks with its rival BP over a possible takeover is just 'market speculation', the oil and gas giant has said.
The Wall Street Journal reported that discussions between the two UK-based energy firms were under way.
But on Wednesday, Shell denied talks are taking place with a view to taking over BP.
'As we have said many times before we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification,' a spokesperson added.
In a call with the Financial Times earlier this year, Shell's chief executive said he would rather buy back more of his company's own shares than launch a takeover bid for BP.
'We will always look at these things, but you are also looking to see what is the alternative,' Wael Sawan said.
'Right now, buying back Shell (shares) for us continues to be absolutely the right alternative to go for.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
37 minutes ago
- Reuters
UK joins WTO trade arbitration alternative
GENEVA, June 25 (Reuters) - The United Kingdom has become the latest country to join an alternative mechanism for resolving disputes to the World Trade Organization, it said in a statement on Wednesday. The World Trade Organization's top appeals body has been inactive since 2019, after President Donald Trump, during his first term, blocked new appointments to the top appeal's court. That left the WTO's key dispute settlement system only partially functional, as the Appellate Body no longer had enough members to hear cases. Washington had accused the WTO Appellate Body of judicial overreach in trade disputes. The U.K. announced the decision on Wednesday as part of its new trade strategy, which it said will protect and boost British business amid a turbulent economic situation, resurgent protectionism and unfair trading practices. "The UK will join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA)...demonstrating our commitment to an effective rules-based international trading system," the Department of Business and Trade said in a statement. Sixteen WTO members established the separate appeals mechanism for trade disputes in March 2020 as an alternative temporary arbitration arrangement for resolving WTO disputes that are appealed by a member while the WTO Appellate Body is not operational. The MPIA currently has 56 members, according to the MPIA website, opens new tab, including the European Union, Canada and Brazil. The decision comes one week after British Prime Minister Keir Starmer and Trump signed an agreement formally lowering some tariffs on imports into the U.S. from Britain as the countries continue working toward a formal trade deal. Britain had avoided tariffs of up to 50% on steel and aluminium that the U.S. imposed on other countries earlier this month, but it could have faced elevated tariffs starting July 9 unless a deal to implement the tariff reduction was reached.
South Wales Guardian
41 minutes ago
- South Wales Guardian
UK energy and steel to be classed as ‘nationally important' in procurement shift
Public sector buyers would be able to avoid normal requirements to consider overseas bidders and instead give priority to domestic firms under the plans set out in a consultation launching on Wednesday. Ministers would be allowed to designate sectors such as steel, energy and cyber nationally important in order to help grant them more of the £400 billion spent on procurement each year, the Government said. Chancellor of the Duchy of Lancaster Pat McFadden said the proposals would ensure British industry was supported and 'boost growth'. 'The new rules being considered will give us the power to protect our national industries, ensuring more money goes to them as we buy goods and services in Government,' he said. The Government said the new rules will also ensure buyers exclude companies that cannot provide evidence of a good record of paying companies in their supply chains promptly and on time in a move to protect small businesses. New guidance will also require Government departments to consider British steel products for the £725 billion of UK infrastructure spending over the next 10 years announced in the industrial strategy on Monday. UK Steel welcomed the proposals, describing them as 'unequivocally positive news' that would help safeguard jobs in the industry. Director general of UK Steel, Gareth Stace, said: 'These changes rightly recognise the strategic importance of steelmaking to national security and the vital role of resilient domestic supply chains.' It comes as the industry faces uncertainty over the US-UK trade deal finalised this month, which slashed tariffs on aerospace and auto sectors but left levies on steel standing at 25% rather than falling to zero as originally agreed. The Government has said both sides have agreed to 'make progress towards 0% tariffs on core steel products' in ongoing talks.
The Sun
an hour ago
- The Sun
Ban on alcohol adverts considered by ministers sparking fury from industry who say it will be ‘hammer blow to firms'
A BAN on prime-time alcohol ads is being considered by ministers. But NHS chiefs' call for minimum prices for booze looks to have been sunk. Proposals for a ban on ads — such as David Beckham' s for Stella Artois — are in the draft of a ten-year health plan. An industry source warned: 'This will be a hammer blow to firms and there will be knock-on effects for struggling pubs. "Ministers must think of unintended consequences.' Shadow Business Secretary Andrew Griffith said: 'This is nothing but nanny statism from an incompetent Labour government waging war on pubs. 'This would be the final nail in the coffin for many.' The British Beer and Pub Association said: 'With over 80 per cent consuming alcohol within Government guidelines, any proposed measures must focus on helping the minority who drink at harmful levels.' Another insider said: 'This could also have a major impact on sports like rugby league which has a partnership with a beer firm. "This will go down like a dodgy meat pie.' Last night, the Government said: 'The ten-year health plan will not include a ban on alcohol advertising. "We are exploring options for partial restrictions to bring it closer in line with advertising of unhealthy food.' David Beckham meets 'long-lost twin brother' Hollywood star in Super Bowl advert for Stella Artois Junk food ads are to be banned between 5.30pm and 9pm from October. Meanwhile, minimum pricing was suggested as a way to cut the estimated £20billion a year bill for alcohol harm, crime and disorder, in England alone. But sources say it is now unlikely to be implemented.
