'Possible mega deal'

Bloomberg: Shell considering BP takeover

De mogelijke samensmelting van de twee Britse concerns zou een van de grootste deals in de olie-industrie ooit zijn.

Oil and gas group Shell is considering a takeover of industry peer BP, reports news agency Bloomberg on the basis of insiders. According to the sources, Shell is looking at that possible mega deal with advisers, but is waiting for BP’s stock market value to fall further before deciding on a possible bid.

A merger of the two British groups has been rumoured from time to time for decades. It would be one of the biggest deals in the oil industry ever. According to Bloomberg, Shell has been discussing the feasibility and benefits of such a deal more seriously with advisers in recent weeks. But the group could also choose to focus on share buybacks and smaller acquisitions.

“As we have said many times before, we are strongly focused on creating value at Shell by continuing to focus on performance, discipline and simplification,” is all a Shell spokesman wanted to tell Bloomberg. BP declined to comment.

Disappointing results at BP

BP has been struggling with disappointing results for some time. Under previous top executive Bernard Looney, the company decided in 2020 to cut oil and gas production by 40 per cent and invest heavily in renewable energy. In February, his successor Murray Auchincloss announced a new strategy where sustainability is again more in the background. BP’s shares have already lost almost a third of their value in the past 12 months, while oil prices have also fallen sharply. Activist investor Elliott called the company’s new plans not ambitious enough. The firm has called for additional measures, otherwise BP could become a takeover target.

Shell chief Wael Sawan told analysts last Friday that Shell “obviously” continues to look forward to mergers and acquisitions, but will be cautious and that “the bar is high”. He added that “we need to get our own house in order first” before looking at big acquisitions, and that the company “still has work to do” to reach its full potential.

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This article was automatically translated from the Dutch language original to English (British).

Author: Nina Koelewijn

Source: MobilityEnergy.com

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