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Shell said he had “no intention” to make an offer to rival BP after months of speculation about a landmark partnership between the two biggest oil companies in the UK.
In a statement Thursday, Shell said that although he would not make an offer, it reserves the right to do so if BP receives a bid from another party.
Shell on Wednesday refused to acquire BP after reporting in the Wall Street Journal that the two companies were early stage negotiations on a deal to create a global energy group worth more than £20 billion.
In a statement Thursday, Shell added: “We are not actively considering the offer to BP, confirming that it is not approaching it and that there are no consultations with BP.”
BP CEO Murray Auchicloss is under intense pressure to revive the fate of his oil major after an aggressive push to renewable energy has set back.
His counterpart of Shell, Wael Sawan, previously expressed little public interest in pursuing the acquisition of rivals.
This is a developing story
