Shell said “no talks are taking place” for a potential megamerger with rival BP that would cost more than $80 billion and represent the biggest energy deal of the century.
The denial comes on the heels of the Wall Street Journal reporting June 25 that Shell is in early talks to acquire BP in a much-rumored deal. BP has struggled financially in recent years—dealing with investor activism from Elliott Investment Management and others and launching a “hard reset” in early 2025 that cuts costs, shifts away from renewables, and doubles down on fossil fuels.
