| Symbol | Price | Change | %Change |
|---|---|---|---|
| BP | $30.93 | 1.10 | 3.69 |
Shell SHEL.L is in early talks to buy rival, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
BP’s shares rose on the news. Talks between company representatives are active and BP is considering the approach carefully, the report added.
BP was valued at nearly $80 billion as of Wednesday while Shell had a market capitalisation of over $208 billion.“As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification,” a Shell spokesperson said.
BP spokesperson declined to comment. Potential terms of any deal could not be learned and a tie-up is far from certain, the report said.