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Time of India
4 days ago
- Business
- Time of India
Shell denies it is in takeover talks with BP after WSJ report
Shell denied that it was in talks to buy BP after the Wall Street Journal reported on Wednesday that the oil major was in early discussions over a takeover of its British rival. "No talks are taking place. 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. A BP spokesperson declined to comment on the WSJ report. The latest in a series of rebuttals by Shell follows recent repeated assertions by CEO Wael Sawan that Shell had a very high bar for big acquisitions and buying back shares was a better allocation of money than the possibility of buying BP. BP has been the subject of takeover talks for several years because of its stock's relative underperformance, but analysis of its disclosures shows that the British energy group may not be as cheap as its market valuation would suggest. The company was valued at nearly $80 billion on Wednesday with net debt of $27 billion while Shell's market capitalisation stood at more than $208 billion. BP's American depository shares were up 1.5 per cent at $30.40 by 1725 GMT and Shell was down 0.7 per cent at $69.70. If Shell were to submit a bid, it would be a rare attempt by an oil major to acquire such a large rival in the face of heightened regulatory scrutiny of such deals. A deal of this magnitude has not been attempted in the energy industry since Exxon and Chevron held preliminary talks during the COVID-19 pandemic to discuss a combination that would have been the biggest merger of all time. Potential terms of any deal could not be learned and a tie-up is far from certain, WSJ reported. CNBC cited unidentified sources saying that BP could be broken up if a deal materialises. BP's shares have fallen by 23 per cent over the past year, underperforming the blue-chip FTSE 100 Index, which gained 5.3 per cent during the same period. Shell's shares have risen more than 8 per cent while Exxon has lost 4 per cent with Chevron down about 10 per cent.
Economic Times
4 days ago
- Business
- Economic Times
BP Shell merger: Is the biggest merger ever in oil and gas industry happening? Check market cap, debt, valuation
BP-Shell Market Cap, Value Live Events FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Shell denied that it was in talks to buy BP after the Wall Street Journal reported on Wednesday that the oil major was in early discussions over a takeover of its British rival. BP's shares have fallen by 23 per cent over the past year, underperforming the blue-chip FTSE 100 Index, which gained 5.3 per cent during the same period. Shell's shares have risen more than 8 per cent, Reuters reported. A tie-up between Shell and BP would be one of the biggest mergers ever in the oil and gas industry and would give it added heft against US oil majors ExxonMobil and Chevron, and France's TotalEnergies, as per AFP report."No talks are taking place. 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 latest in a series of rebuttals by Shell follows recent repeated assertions by CEO Wael Sawan that Shell had a very high bar for big acquisitions and buying back shares was a better allocation of money than the possibility of buying has been the subject of takeover talks for several years because of its stock's relative underperformance, but analysis of its disclosures shows that the British energy group may not be as cheap as its market valuation would company was valued at nearly $80 billion on Wednesday with net debt of $27 billion while Shell's market capitalisation stood at more than $208 American depository shares were up 1.5 per cent at $30.40 and Shell was down 0.7 per cent at $ Shell were to submit a bid, it would be a rare attempt by an oil major to acquire such a large rival in the face of heightened regulatory scrutiny of such deals. A deal of this magnitude has not been attempted in the energy industry since Exxon and Chevron held preliminary talks during the COVID-19 pandemic to discuss a combination that would have been the biggest merger of all time, Reuters reported.A1. Shell and BP are British oil giants, US oil majors are ExxonMobil and Chevron, France has TotalEnergies.A2. BP's American depository shares were up 1.5 per cent at $30.40 and Shell was down 0.7 per cent at $69.70.
Time of India
4 days ago
- Business
- Time of India
BP Shell merger: Is the biggest merger ever in oil and gas industry happening? Check market cap, debt, valuation
BP-Shell Market Cap, Value Live Events FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Shell denied that it was in talks to buy BP after the Wall Street Journal reported on Wednesday that the oil major was in early discussions over a takeover of its British rival. BP's shares have fallen by 23 per cent over the past year, underperforming the blue-chip FTSE 100 Index, which gained 5.3 per cent during the same period. Shell's shares have risen more than 8 per cent, Reuters reported. A tie-up between Shell and BP would be one of the biggest mergers ever in the oil and gas industry and would give it added heft against US oil majors ExxonMobil and Chevron, and France's TotalEnergies, as per AFP report."No talks are taking place. 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 latest in a series of rebuttals by Shell follows recent repeated assertions by CEO Wael Sawan that Shell had a very high bar for big acquisitions and buying back shares was a better allocation of money than the possibility of buying has been the subject of takeover talks for several years because of its stock's relative underperformance, but analysis of its disclosures shows that the British energy group may not be as cheap as its market valuation would company was valued at nearly $80 billion on Wednesday with net debt of $27 billion while Shell's market capitalisation stood at more than $208 American depository shares were up 1.5 per cent at $30.40 and Shell was down 0.7 per cent at $ Shell were to submit a bid, it would be a rare attempt by an oil major to acquire such a large rival in the face of heightened regulatory scrutiny of such deals. A deal of this magnitude has not been attempted in the energy industry since Exxon and Chevron held preliminary talks during the COVID-19 pandemic to discuss a combination that would have been the biggest merger of all time, Reuters reported.A1. Shell and BP are British oil giants, US oil majors are ExxonMobil and Chevron, France has TotalEnergies.A2. BP's American depository shares were up 1.5 per cent at $30.40 and Shell was down 0.7 per cent at $69.70.
Yahoo
4 days ago
- Business
- Yahoo
Shell denies it is in takeover talks with BP after WSJ report
(Reuters) -Shell denied that it was in talks to buy BP after the Wall Street Journal reported on Wednesday that the oil major was in early discussions over a takeover of its British rival. "No talks are taking place. 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. A BP spokesperson declined to comment on the WSJ report. The latest in a series of rebuttals by Shell follows recent repeated assertions by CEO Wael Sawan that Shell had a very high bar for big acquisitions and buying back shares was a better allocation of money than the possibility of buying BP. BP has been the subject of takeover talks for several years because of its stock's relative underperformance, but analysis of its disclosures shows that the British energy group may not be as cheap as its market valuation would suggest. The company was valued at nearly $80 billion on Wednesday with net debt of $27 billion while Shell's market capitalisation stood at more than $208 billion. BP's American depository shares were up 1.5% at $30.40 by 1725 GMT and Shell was down 0.7% at $69.70. If Shell were to submit a bid, it would be a rare attempt by an oil major to acquire such a large rival in the face of heightened regulatory scrutiny of such deals. A deal of this magnitude has not been attempted in the energy industry since Exxon and Chevron held preliminary talks during the COVID-19 pandemic to discuss a combination that would have been the biggest merger of all time. Potential terms of any deal could not be learned and a tie-up is far from certain, WSJ reported. CNBC cited unidentified sources saying that BP could be broken up if a deal materialises. BP's shares have fallen by 23% over the past year, underperforming the blue-chip FTSE 100 Index, which gained 5.3% during the same period. Shell's shares have risen more than 8% while Exxon has lost 4% with Chevron down about 10%.
Leader Live
5 days ago
- Business
- Leader Live
Oil price falls back on Israel-Iran ceasefire
The cost of Brent oil fell by 4% in morning trading on Tuesday, settling at around 69 US dollars a barrel, having jumped to a five-month high on Monday. London's FTSE 100 Index also rebounded higher, up 40.5 points or 0.5% to 8798.5 in early trade following overnight gains in Asia, with Japan's Nikkei 225 up 1.1% and the Hang Seng in China ahead 0.7%. Investors were breathing a sigh of relief after US President Donald Trump announced a ceasefire had been brokered between Israel and Iran. The pound also rose, up 0.4% at 1.36 US dollars and 0.3% higher at 1.17 euros after both Iran and Israel confirmed they had agreed to stop fighting. Brent crude had shot up in price in recent days on the escalating conflict, with worries that Iran might seek to block oil being shipped through the all-important Strait of Hormuz. Panmure Liberum experts estimated that Brent crude could peak at 100 dollars (£74.43) a barrel thanks to severe disruption of the crucial waterway route, which they warned would send inflation soaring and hit stock markets hard. Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: 'Despite the turmoil over the weekend, oil prices were quick to shift into reverse – an early signal that markets were betting on de-escalation sooner rather than later. 'Iran's response notably refrained from targeting any oil facilities or the important Strait of Hormuz, and the jump in prices over the past few days has mostly been erased now, positive news for the US administration and investors alike. 'Lower oil prices are a key component to keep inflation down and something the US Fed will have one eye on when thinking about whether to cut interest rates at the next meeting in July.' Among stocks in London, blue chip oil giants BP and Shell saw recent gains reversed on the crude price fall, down 5% and 4% respectively, which held back gains on the wider FTSE 100. Defence stocks were also lower, with aerospace group BAE Systems off 2%. Airlines and travel stocks were among those seeing shares rise after many carriers in the sector cancelled or rerouted flights to and from the Middle East due to the conflict. EasyJet and British Airways owner International Consolidated Airlines (IAG) led gains on London's blue chip share index, ahead by 6% and 5% respectively. But Kathleen Brooks, research director at XTB cautioned it was 'still a very fluid situation'. She said: 'Brent crude had rallied nearly 20% in the past month as a war premium was attached to the price of oil, which is now being unwound. 'However, if there are more signs that the ceasefire is not holding, we could see the oil price resume its uptrend.'
