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Shell says it has ‘no intention’ of making offer for BP

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Shell said that it has “no intention” of making an offer for rival BP following months of speculation about a possible landmark tie-up between the UK’s two largest oil companies.

In a statement on Thursday, Shell said it did not intend to make an offer but reserved the right to do so in the event BP received a bid from another party.

Shell on Wednesday denied it was in talks to acquire BP after a report by the Wall Street Journal that the two companies were in early stage negotiations about a deal to create a global energy group worth more than £200bn.

Shell added on Thursday that it “has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer”.

BP chief executive Murray Auchincloss is under intense pressure to revive the fortunes of the oil major after an aggressive push into renewable energy backfired.

His counterpart at Shell, Wael Sawan, has previously expressed little public interest in pursuing a takeover of its rival, telling the FT in May that he preferred to buy back Shell’s own shares than to use the money on a deal for BP.

This is a developing story

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