3 w. ago The arithmetic is tricky for a Shell bid for BP today. Next year may be different

Shell says it has ‘no intention’ of making an offer for BP. But if its share price rises, the numbers could work BP is a sitting duck for a takeover bid by most criteria. Its share price has underperformed rivals’ for years. The latest strategic “re-set” was a bits-and-pieces production involving disposals, which do not happen overnight, plus a dilution of green energy ambitions that upset one sub-set of shareholders and didn’t go far enough according to another. Meanwhile, the chair, Helge Lund, is set to exit next year after being pursued by an activist investor.So Shell, the most credible possible bidder by a distance, would be asleep at the wellhead if it were not taking a look and calculating what costs could be removed, which development licences it fancies and how regulators and governments might react. That’s standard stuff, and Shell, one assumes, will have maintained a version of such modelling for about 20 years, which is roughly as long as tales of a combination of the t...

Politics

3 w. ago Keir Starmer admits government has ‘asked a lot’ of business, and defends employment rights bill – business live

PM tells BCC conference businesses have made a ‘huge difference’, following the tax rises in the last budgetFull story: Shell has ‘no intention’ of making offer to buy BP after £60bn takeover rumoursStarmer then tells the BCC conference that the spending review earlier this month is a “clear shift” towards investing in the future of the UK, not simply tackling the promises it inherited.Starmer says his administration have “wiped the slate clean”, stabilized the economy, and can now move onto building a fairer Britain, with change and renewal.‘I fully acknowledge that this year, as we’ve had to fix the foundations of our country, [and] deal with the unprecedented mess that we inherited, we’ve asked a lot of you.I understand that, and I want to acknowledge that.They are all vital for the long-term growth of our country. But none of that would have been possible without your contribution. Continue reading...

Politics

3 w. ago Shell has ‘no intention’ of making offer to buy BP after £60bn takeover rumours

Shell doubles down on denials after media reports of early talks with rival BP to create £200bn UK oil companyBusiness live – latest updatesShell has said it has “no intention” of making an offer for the rival fossil fuel company BP after speculation it had been planning a £60bn takeover, ruling out a formal approach for the next six months.In an official statement to markets on Thursday, the company doubled down on the previous day’s denials that it was planning a bid, after media reports that it was in early talks with its competitor to create a £200bn UK oil supermajor. Continue reading...

Economics

3 w. ago Shell ‘no intention’ of making offer to buy BP after £60bn takeover rumours

Shell doubles down on denials after media reports of early talks with rival BP to create £200bn UK oil companyBusiness live – latest updatesShell has said it has “no intention” of making an offer for the rival fossil fuel company BP after speculation it had been planning a £60bn takeover, ruling out a formal approach for the next six months.In an official statement to markets on Thursday, the company doubled down on the previous day’s denials that it was planning a bid, following media reports that it was in early talks with its competitor to create a £200bn UK oil supermajor. Continue reading...

Economics

3 w. ago Shell confirms it has ‘no intention’ of making an offer for BP

Shell told investors on Thursday that no discussions with BP over a possible deal had taken place.

Politics

3 w. ago Shell denies it is in talks to buy BP after reports of potential £60bn takeover

Spokesperson says report that it is considering bid for struggling rival is ‘further market speculation’Shell has denied talks are taking place for it to buy BP, amid reports that it is negotiating a historic £60bn takeover to create one of the world’s largest oil and gas companies.The so-called oil supermajors are reported to be discussing a potential deal after speculation earlier this year that Shell was considering a bid for its struggling rival, which would mark an end for the 120-year-old company. Continue reading...

Economics