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Indebta > News > Shell says it has ‘no intention’ of making offer for BP
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Shell says it has ‘no intention’ of making offer for BP

News Room
Last updated: 2025/06/26 at 3:15 AM
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Shell said that it has “no intention” of making an offer for rival BP following months of speculation about a possible landmark tie-up between the UK’s two largest oil companies.

In a statement on Thursday, Shell said 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 regards to a possible offer”.

The declaration from Shell followed a report by the Wall Street Journal on Wednesday that the companies were in early stage negotiations about a deal to create a global energy group worth more than £200bn.

Shell had issued a brief statement on Wednesday denying it was in takeover talks, but on Thursday the company added that it remained focusing on “delivering more value” through improving the group’s performance and simplifying the business.

Following Shell’s announcement on Thursday, London stock market rules prohibit the group from making an offer for BP for six months except in certain circumstances

Shell said it reserved the right to make a bid within the next six months in the event BP receives a bid from another party, BP encourages it to do so or “there is a material change of circumstances”.

Shares in BP rose 0.5 per cent in early trading on Thursday while Shell’s stock was up 0.6 per cent.

BP chief executive Murray Auchincloss is under intense pressure to revive the fortunes of the oil major after an aggressive push into renewable energy backfired.

His counterpart at Shell, Wael Sawan, has previously expressed little public interest in pursuing a takeover of its rival, telling the Financial Times in May that he preferred to buy back Shell’s own shares than to use the money on a deal for BP.

Shell has spent at least $36bn on buying back its shares over the past three years, during which time its share price has outperformed BP by more than 30 per cent.

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News Room June 26, 2025 June 26, 2025
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