Shell doubled down on its denial of acquiring rival BP, claiming it has “no intention” of making an offer while invoking a U.K. law that forbids Shell from bidding on BP during the next six months with few exceptions.
The June 26 news comes after reports that Shell entered early talks to buy BP in what would easily represent the largest energy deal of the century—if not ever. But with Shell seemingly stepping aside to focus on internal performance—at least for now—financially struggling BP is left without any other clear suitors as the British energy giant seeks a turnaround following its “hard reset” through cost cuts, greater fossil fuel investments, and renewables divestments.
