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Shell Denies $100B BP Takeover Speculation, Shares React
Shell Denies $100B BP Takeover Speculation, Shares React
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BTCCSquare news:
Shell (SHEL) shares climbed 2.2% after the oil giant categorically denied rumors of a potential $100 billion-plus acquisition of rival BP. The Wall Street Journal had previously reported preliminary talks between the two energy titans, sending markets into speculation mode.
BP shares dipped 0.4% as Shell invoked Rule 2.8 of the UK City Code on Takeovers and Mergers, legally prohibiting any formal approach for six months. Analysts noted a theoretical bid could have reached £78 billion ($107 billion) including premium, potentially ranking among the largest FTSE 100 takeovers in history.
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