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Shell is studying merits of buying BP, Bloomberg News reports
- Shell has been evaluating a potential takeover of its London-based rival BP in recent weeks with adviser support.
- This consideration follows several years in which Shell has nearly doubled BP's market value amid BP's declining stock and disappointing earnings.
- Shell disclosed first-quarter profits that exceeded expectations and announced plans to repurchase $3.5 billion worth of its own shares, while BP's earnings fell short of predictions, causing its stock to decline by roughly 30% over the past year.
- Shell CEO Wael Sawan stated preference for buying back Shell stock over acquisitions, adding that the company must "have our own house in order" before pursuing large deals.
- Any Shell decision on a bid likely depends on further declines in BP's stock price, and a merger would face significant regulatory scrutiny given its scale.
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Nigeria: Shell Considering Acquisition of BP in Landmark Deal
Abuja -- Shell Plc is working with advisers to evaluate a potential acquisition of rival BP Plc, though it is waiting for further stock and oil price declines before deciding whether to pursue a bid, Bloomberg News has reported, citing people familiar with the matter.
·South Africa
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Coverage Details
Total News Sources71
Leaning Left5Leaning Right6Center13Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 21%
C 54%
R 25%
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