$SHEL (+0.66%) is currently considering $BP. (+0.57%) to take over the company. The potential transaction volume would amount to 80 billion US dollars, making it one of the largest M&A transactions in the history of Oil & Gas. BP is currently reviewing the offer, but negotiations have been slow so far. Shell & BP have not yet made any concrete statements. Shell officially described the reports as "further market speculation" and said it was focusing on its own performance and the interests of its shareholders.
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A takeover would create a European oil giant that could compete with $XOM (+0.05%) and $CVX (-0.04%) could take on. BP in particular has been under pressure from activist investors for some time, as its attempted foray into renewable energies has been less successful. A stronger focus on oil & gas is therefore strategically desirable.
