Shares of BP jumped Wednesday, lifted by a report that Shell was in talks to acquire it in what would mark a huge deal for the pair of U.K. oil giants, before giving back their gains.
Shell PLC (LSE:SHEL, NYSE:SHEL) is in early-stage talks to acquire its rival BP PLC (LSE:BP.) in what would be the largest oil deal in decades, according to a Wall Street Journal report.
Shares of BP jumped Wednesday, lifted by a report that Shell was in talks to acquire it in what would mark a huge deal for the pair of U.K. oil giants.
BP shares surged nearly 7% on the news.
BP shares jump 8% on report it is in early-stage talks to be acquired by Shell
Discussions are progressing ‘slowly,' The Wall Street Journal reports.
Shell is in early talks to buy rival BP in a deal worth roughly $80 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the matter
A deal for BP, worth roughly $80 billion, would be a landmark combination of two supermajor oil companies.
SHEL-operated LNG Canada produces its first LNG for export, opening direct Pacific access and shifting Canada's energy trade dynamics.
Oil prices plunged on Tuesday after Israel and Iran agreed a ceasefire, sending shares in oil heavyweights BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) tumbling.
SHEL commits RM9 billion to Malaysia, boosting economic growth and workforce development while reinforcing its position in the global energy sector.
BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) were helping the FTSE 100 cut losses compared to other European markets on Thursday, as oil prices remained elevated due to exchanges of missiles and threats between Israel and Iran.