Where are Shell’s animal spirits for a BP deal?
There aren’t always first-mover advantages in the merger market
AFTER you. No, after you. Please, you go, I insist.
Shell is evaluating a potential acquisition of BP, Bloomberg News reported on May 3. But it’s waiting to see if BP’s share price falls further or another suitor emerges. Whatever happened to animal spirits?
BP is vulnerable following a fall in its market value since early 2023 and recent stake-building by activist Elliott Investment Management. Shell is but one obvious possible acquirer. Exxon Mobil, Chevron, TotalEnergies and Abu Dhabi National Oil Co have also run the numbers, the Financial Times reported on Friday (May 9). Maybe all the oil majors’ chief executives are thinking the same way: I’m not sure this makes sense, but I need to be ready.
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