Shell denies reports of potential move to take over BP

Oil and gas giant Shell said no talks are taking place.

Shell has been linked with a potential takeover of its rival, BP (PA) (PA Archive)

Reports that Shell is in talks with its rival BP over a possible takeover is just “market speculation”, the oil and gas giant has said.

The Wall Street Journal reported that discussions between the two UK-based energy firms were under way.

But on Wednesday, Shell denied talks are taking place with a view to taking over BP.

“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 spokesperson added.

BP declined to comment.

In a call with the Financial Times earlier this year, Shell’s chief executive said he would rather buy back more of his company’s own shares than launch a takeover bid for BP.

“We will always look at these things, but you are also looking to see what is the alternative,” Wael Sawan said.

“Right now, buying back Shell (shares) for us continues to be absolutely the right alternative to go for.”