Europe defense stocks extend gains, jumping 1.4% after NATO hikes spending target
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Diverging Reports Breakdown
Europe stocks extend gains after NATO hikes spending target
Shell says it has no immediate plans to make a bid for BP. The Wall Street Journal reported that Shell was in talks with the oil giant. Shell has been under pressure to find a way out of its financial crisis.
“In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer,” Shell said in a statement.
BP shares had surged more than 10% in the previous session after the Wall Street Journal reported early talks toward the company’s acquisition by Shell.
“This is further market speculation. No talks are taking place,” a Shell spokesperson told CNBC on Wednesday in an initial response.
Investors have been waiting to see whether Shell — or other oil giants such as Chevron , Exxon Mobil or the United Arab Emirates’ Adnoc — would leap to take over BP, which has been underperforming its rivals in recent years and battled to find a strategic direction amid the green energy transition.
— Ruxandra Iordache