By Ayomide Otitoju
Oil giant Shell on Thursday denied media speculation suggesting it was preparing a takeover bid for rival BP, firmly stating that no discussions had taken place and confirming it was not considering such a move.
Responding to a report by The Wall Street Journal, which claimed Shell had explored the possibility of acquiring BP, the company issued a formal statement denying any active interest.
“In response to recent media speculation, Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with BP with regard to a possible offer,” the company said.
Citing Rule 2.8 of the UK Takeover Code, Shell said it is now barred from making any acquisition attempt for the next six months, unless another suitor enters the picture or BP itself invites a bid.
Shell’s statement effectively halts any short-term speculation of consolidation between two of Europe’s largest energy firms amid an evolving global energy landscape.
