Shell denies takeover talk, but BP's woes persist
has denied it. No plans to buy
BP
. No talks. Nothing to see.
Still, when your biggest domestic rival has to publicly insist it's not trying to take you over, the market smells blood.
BP's weakened state has long been a talking point: a failed green pivot, poor returns and a chief executive exit (Kerryman
Bernard Looney
) under a cloud.
In February, Murray Auchincloss, the ex-chief financial officer who is now in charge, promised a reset. Back to oil and gas, back to what BP knows.
READ MORE
However, if Looney's green pivot angered shareholders, Auchincloss's pivot back hasn't soothed them either, with shares down almost 20 per cent since February's peak.
Its renewables unit may be too big to sell, and its best assets – Gulf of Mexico oil, US shale, LNG – are also the ones Auchincloss doesn't want to lose.
The problem is if oil prices drift lower and earnings disappoint again, Auchincloss may lose control of what gets sold.
BP trades below the value of its parts, and investor patience at BP's current price may be running dangerously thin
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The Journal
4 hours ago
- The Journal
Heir of Barne Estate 'shocked' by €50k brown envelope 'luck penny' offer from John Magnier
AN HEIR OF the 17th century Barne Estate, who John Magnier is suing over a collapsed deal for the prized farmland, has said he was 'shocked' by an 'untoward' offer of 'two envelopes stuffed with money' amounting to €50,000, which the bloodstock billionaire sent as a 'luck penny'. Richard Thomson-Moore was giving evidence at the High Court today in his defence relating to the failed €15m agreement. Magnier wants the court to enforce the deal he claims he sealed with Thomson-Moore in a handshake agreement for the 751-acre farm in Tipperary on 22 August 2023, which took place at Magnier's Coolmore home. The Magnier side has sued the Barne Estate, Thomson-Moore and three companies of IQEQ (Jersey) Ltd group, seeking to enforce the purported deal, which they say had been 'unequivocally' agreed. The Barne defendants say there was never any such agreement, as they needed the consent of the trustees to finalise any deal. They subsequently preferred to sell the estate to billionaire Maurice Regan for over €20m. Thomson-Moore has told the court that while a 'price' was agreed with Magnier for Barne, a 'deal' was not. After agreeing on €15, Barne and the Magniers entered into an exclusivity agreement stipulating that the estate would not permit itself or its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Magnier between 31 August to 30 September 2023. The trustees who hold the estate initially decided to remain loyal to the Magnier offer and felt Regan's higher offer could be seen as 'provocative'. After the exclusivity period had ended, the trustees decided to go with Regan's offer. The court has heard that on 7 September 2023 – two weeks after Magnier claims he shook hands with Thomson-Moore on the deal for the Barne Estate – Magnier called to Barne with his son, JP. The Thomson-Moores have told the court their estate agent, John Stokes, who had walked out with the Magniers, returned to the house with two brown envelopes given to him by JP containing a total of €50,000 in cash – €25,000 in each. Thomson-Moore told the court that he did not interrogate Stokes about the purpose of the envelopes and that Stokes explained their offering as a 'luck penny'. A 'luck penny' is an amount of money given by a buyer to the seller after a deal is done to bring good luck. Advertisement The Magnier side have told the court that the money was a token of 'appreciation' to the Thomson-Moores for letting the Magnier side onto the land before any sale was finalised. The Magnier side were ultimately gazumped by US-based construction magnate Regan, who offered a final €22.25m, and was made the preferred bidder. Regan is not a party to the case. At the High Court today, Thomson-Moore said the delivery of the money to their Barne home caused him 'shock' and he felt the offer of 'envelopes stuffed with cash' was 'untoward'. The money was later returned by the Thomson-Moores. Thomson-Moore told defence barrister Niall Buckley SC that a guide price of €13.5m had been advertised by the selling agents, which he thought was underpriced. He said he believed the property to be worth between €17.5m and €20m based on a comparator property in Kildare. Thomson-Moore said that Magnier's retort to this valuation was 'slightly hostile' before an offer of €15m was accepted by the Thomson-Moores at the Coolmore kitchen meeting. Caren Geoghegan SC, for the Magniers, asked Thomson-Moore about lists drawn up detailing the contents of the Barne mansion and asked why there were two lists – one 'complete' list with a separate incomplete list going to the trustees of the estate. Thomson-Moore said that after the Magnier offer, he was in talks organising an auction of the contents of Barne with Mealy's auction house. Geoghegan put it to Thomson-Moore that his intention at this time was to give one list to the trustees that did not disclose all the items in the house. She put it to him that his intent was to not disclose 'high-value items' to the trustees of the estate, which he denied. 'There is no ambiguity about the intention,' said Geoghegan, 'a complete list and then a separate list for trustees.' Thomson-Moore said 'it didn't happen' but added: 'that is what it looks like, though, yes'. The case continues before Mr Justice Max Barrett. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Independent
6 hours ago
- Irish Independent
ESB boss acknowledges stress caused to 80 families locked out of new homes without power
Nicholas Tarrant, managing director of ESB Networks, said work was under way to resolve the situation at the Sand Wood estate in Portlaoise, where 80 homebuyers have been left waiting months for an electricity connection. However, he did not say when the new development would have power. The plight of the families – who had originally expected to move in last Feburary - was highlighted in the Irish Independent last Monday. Mr Tarrant said ESB Networks staff had visited the estate since as part of the preparations for providing a connection. He told the Oireachtas climate, environment and energy committee that Portlaoise was a high-growth area where electricity was constrained. Population in the town had increased by 16pc in a decade, he said. 'I acknowledge there's been considerable uncertainty and stress for the families that are involved in this development,' he said. 'The developer in question [UK-based Hollybrook] applied to us back in March 2024. There was a revised application in August to cater for a commercial unit they were putting in and updated demand for that. 'We issued a connection offer to them in May of this year. During that time, we have to look at the various other applicants in that area.' He said one of the factors involved was that Portlaoise needed two large new transformers to add capacity to the town. ADVERTISEMENT They were now in place and the developers had been given details of the work they needed to do on site to accommodate the connection. 'As soon as that site is ready for our electrical connection work to be done, we will work with the developer to get that done over the next period of time,' he said. Asked by committee members whether there were other similarly constrained areas, he agreed there were, citing north and west Dublin and other 'areas where you have seen the biggest population growth'. ESB Networks' own capacity registers show that half the country's substations have little or no room to connect new housing or other developments. Mr Tarrant said efforts to keep up with the fast-growing demand for electricity were being hampered by delays in the supply chain for key equipment. 'We have seen some lead times double and [it is now] over 24 months for large electrical transformers. 'The demand for this equipment across Europe and globally has dramatically increased as countries invest to support the decarbonisation of their networks to meet their climate change targets.' Mr Tarrant said ESB Networks, as a semi-state operating under licence, could not prioritise connections for housing over developments such as data centres, but had to allocate on a first come, first served basis. Asked whether he would prefer if he could put housing first, he said such a decision would have to come from government policy or a direction from the energy regulator.
Irish Independent
7 hours ago
- Irish Independent
Pharma crucial to Ireland, Simon Harris tells US bosses as Taoiseach says tariffs threat already hitting investment
Ireland's position is that it should be addressed in the course of general discussions on tariffs between the EU and USA - and not set aside for later attention. US president Donald Trump has threatened separate sanctions on pharma, which could be very great in light of his stated intention to put a 30pc tariff on European goods in genral. The online meeting was an opportunity for the Tánaiste to hear first-hand the views of the pharmaceutical sector, his officials said. The Zoom call comes at a critical juncture in EU-US trade talks. Mr Harris said it was "a chance to gain key insights." He added: "Ireland is clear that the integrated supply chain in pharma products between the EU and the US supports - rather than threatens - our collective transatlantic economic security. 'Ireland's position is that the treatment of pharma should be within negotiations with the EU on an agreement in principle and we have made this point on both sides of the Atlantic over the recent weeks and months,' Mr Harris said, adding that there is no doubt that pharma "is a crucial sector for our economy'. He repeated his argument that US pharmaceutical companies are here for many reasons rather than tax treatment alone. "They have access to a highly talented, skilled labour market, they have access too to an EU market of over 450 million people,' he said. "The value that the industry places on this access and their bases in Ireland was clear to me from the call." He added: "Ultimately when it comes to pharma, this is about achieving the best outcomes for patients and citizens on both sides of the Atlantic. 'It is because of that that the main focus at this stage must be on avoiding an escalatory higher tariff outcome that will be deeply detrimental to both the EU and the US." It is fair to say that the EU "has shown considerable constraint when it comes to counter tariffs" so far, Mr Harris said. "This h underscores our desire to reach a negotiated settlement that results in mutually beneficial transatlantic trade and investment as soon as possible before August 1,' he said. Tánaiste Simon Harris has told senior pharmaceutical bosses based in the United States that it is "a crucial sector for our economy". Ireland's position is that it should be addressed in the course of general discussions on tariffs between the EU and USA - and not set aside for later attention. US president Donald Trump has threatened separate sanctions on pharma, which could be very great in light of his stated intention to put a 30pc tariff on European goods in genral. The online meeting was an opportunity for the Tánaiste to hear first-hand the views of the pharmaceutical sector, his officials said. The Zoom call comes at a critical juncture in EU-US trade talks. Mr Harris said it was "a chance to gain key insights." He added: "Ireland is clear that the integrated supply chain in pharma products between the EU and the US supports - rather than threatens - our collective transatlantic economic security. 'Ireland's position is that the treatment of pharma should be within negotiations with the EU on an agreement in principle and we have made this point on both sides of the Atlantic over the recent weeks and months,' Mr Harris said, adding that there is no doubt that pharma "is a crucial sector for our economy'. He repeated his argument that US pharmaceutical companies are here for many reasons rather than tax treatment alone. "They have access to a highly talented, skilled labour market, they have access too to an EU market of over 450 million people,' he said. "The value that the industry places on this access and their bases in Ireland was clear to me from the call." He added: "Ultimately when it comes to pharma, this is about achieving the best outcomes for patients and citizens on both sides of the Atlantic. 'It is because of that that the main focus at this stage must be on avoiding an escalatory higher tariff outcome that will be deeply detrimental to both the EU and the US." It is fair to say that the EU "has shown considerable constraint when it comes to counter tariffs" so far, Mr Harris said. "This underscores our desire to reach a negotiated settlement that results in mutually beneficial transatlantic trade and investment as soon as possible before August 1,' he said. Meanwhile, the uncertainty around US tariffs is 'very worrying', Taoiseach Micheál Martin has said, adding that it was also 'problematic' for the budgetary process. Over the weekend, US president Donald Trump threatened 30pc tariffs on EU imports from August 1. On Tuesday, Mr Trump said he would also consider imposing tariffs on pharmaceutical goods and semiconductors as soon as August 1. Speaking to reporters, he added that tariffs on pharma would start low but go 'very high' after a year. 'We're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff,' Mr Trump said. In response to the latest announcement from Mr Trump, Mr Martin said the ongoing uncertainty was 'very worrying'. 'A lot of uncertainty has been created by this new policy from the United States. It's very important for economies everywhere, including the United States, to end the uncertainty and to bring clarity,' the Taoiseach said. "We understand America's issues, but these can be resolved through the negotiation, but Europe also has prepared countermeasures to be deployed if necessary, but that would be very damaging to everybody if we get to that situation.' Mr Martin said the uncertainty was already impacting future investment. 'I'm increasingly meeting people now who are commenting on the pause on investment and a lack of investment decisions because of a fundamental lack of uncertainty about the future landscape,' the Taoiseach said. 'That is very worrying. That in itself will trigger lower economic growth across the world. So it is very worrying that this is continuing, this uncertainty, this volatility, is continuing,' he added. On the budget, Mr Martin said it was problematic for preparations, but the processes couldn't be paused in order to wait for clarity. 'We're keeping everything under review, but in the context of this year, we have fair ideas to where revenue will land and where expenditure will land,' he said. 'We can't abolish the budgetary process, we still have to go and prepare the budget, and we have to prepare estimates, and there has to be negotiations and so on. 'And there are very significant downside risks given what's happening and in terms of the tariff threat. 'Potentially, if we've got it resolved it could be an upside, we'll have to wait and see.'
