News
Shell in early talks to acquire BP in what could be the largest oil M&A deal since Exxon-Mobil merger
Key Points
- Shell is in early talks to acquire BP for roughly $80 billion, a deal that would mark the largest oil merger since Exxon Mobil's 1998 acquisition of Mobil.
- BP stock jumped 7% on the acquisition report before retracing, signaling market skepticism about deal completion.
- Shell has publicly denied that acquisition talks with BP are underway.
Summary
Shell is in early talks to acquire BP at roughly $80 billion, according to reports that sent BP stock up 7% before retracing. Shell has denied the talks are underway. If a deal closes, it would be the largest oil and gas merger since Exxon Mobil acquired Mobil for $83 billion in 1998.
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