Shell explores BP takeover as oil prices and competitor's shares fall
Kyiv • UNN
Shell is considering acquiring BP due to the fall in the latter's share value. The decision will depend on further BP quotations, but Shell also has alternative development scenarios.
Shell is exploring the possibility of acquiring its competitor BP, expecting a fall in oil prices and the shares of the competitor. This was reported by Bloomberg, reports UNN.
Details
Over the year, BP's shares lost a third of their value, due to investor dissatisfaction and falling oil prices. At the same time, BP's shares continue to fall. The final decision will probably depend on further BP quotes.
Shell is also considering alternative scenarios. For example, they may focus on buying back their own shares or smaller acquisitions. According to a Shell representative, the company is focused on increasing efficiency, discipline and simplifying the structure.
At the same time, BP did not comment on the situation.
Let us remind you
Oil prices fell by more than $2 a barrel in early Asian trading on Monday. This happened against the background of OPEC+'s intention to further accelerate the growth of oil production, which raised concerns about increased supply.
At the same time, gold prices rose amid investor expectations regarding trade negotiations between the US and China and a meeting of the Federal Reserve System.