Shell is reportedly in talks to buy BP in a generationally huge oil deal
Shell is said to be in early talks to buy its $80 billion rival BP in what would be one of the biggest oil deals ever, if it happens, according to reporting by The Wall Street Journal.
Shares of BP went vertical on the news, while Shell dipped.
The deal isn’t certain, according to the WSJ, and talks are slow. Bloomberg reported that Shell was studying the merits of a potential Shell acquisition early last month.
Buying BP would put Shell closer in league with larger competitors Exxon and Chevron. Those two companies are currently embroiled in a corporate battle, with Exxon challenging Chevron’s $53 billion acquisition of Hess.
The deal isn’t certain, according to the WSJ, and talks are slow. Bloomberg reported that Shell was studying the merits of a potential Shell acquisition early last month.
Buying BP would put Shell closer in league with larger competitors Exxon and Chevron. Those two companies are currently embroiled in a corporate battle, with Exxon challenging Chevron’s $53 billion acquisition of Hess.
