Shell Denies Report of BP Takeover Talks

Shell is pushing back against a report suggesting it's in talks to acquire rival oil company BP. The oil giant said a Wall Street Journal article is fueling market speculation, but no discussions are currently underway. Bloomberg initially reported on the takeover speculation back in May. BP has declined to comment on the latest report. If a deal were to happen, it would mark the largest oil merger in modern history. BP has been underperforming in recent years, struggling to keep up with Shell's stronger financial performance. Industry analysts say BP’s liquified natural gas (LNG) assets could be attractive to Shell. LNG is seen as a key part of the global energy transition. A merger would dramatically reshape the energy landscape and consolidate two of Europe's biggest oil players. Shell’s denial may calm markets for now, but speculation could continue given BP’s ongoing challenges. Investors are watching closely for any signs of future negotiations. For now, both companies remain silent beyond Shell's official denial.