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LONDON (AP) — British oil giant Shell on Thursday denied media
reports that it is in talks to buy rival BP.
The Wall Street Journal on Wednesday said Shell was holding
“early stage talks,″ to acquire BP, citing people familiar with
the matter.
“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 regards to a possible offer,” Shell
said in a statement to the London Stock Exchange.
Shell has repeatedly denied speculation that it was considering
a takeover of its smaller rival BP, saying it was focused on
streamlining and simplifying its own business.
Some analysts have suggested BP would be an attractive takeover
after a plan to shift its focus to renewable energy, which was
abandoned earlier this year, left its shares undervalued in
comparison to other oil companies.
BP has also struggled to recover from the 2010 Deepwater Horizon
disaster, which killed 17 workers and forced the company to pay
billions of dollars for environmental damage in the Gulf of
Mexico.
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