GreenergyDaily

Jun. 26, 2025

Shell Plc said it has no intention of bidding for BP Plc, having denied a report Wednesday that it was in active talks about acquiring its UK rival.

“In response to recent media speculation, Shell wishes to clarify that it has not been actively considering making an offer for BP,” the company said Thursday in a statement. The announcement means Shell is bound by the UK Takeover Code, which largely bars it from submitting a bid for six months.

Speculation has been growing that BP, under intense pressure after years of poor performance and the intervention of a major activist shareholder, would become a takeover target.  Its shares jumped in US trading on Wednesday after the Wall Street Journal reported that it was in talks with its larger competitor.

But Shell swiftly dismissed the report as “market speculation.”

Shell has “not made an approach to, and no talks have taken place with, BP with regards to a possible offer,” according to Thursday’s statement. “It has no intention of making an offer.