Shell has firmly stated it has no intention to pursue a takeover of rival BP, following rampant speculation of a potential £60 billion bid. The company emphasized through a regulatory announcement that it would refrain from making an offer for at least six months, addressing market rumors sparked by media reports on possible negotiations. Shell's CEO, Wael Sawan, asserted that the company is prioritizing share buybacks over acquisitions, reinforcing the absence of any formal discussions with BP regarding a takeover amid a context of improving profits and market speculation.
Shell reiterated that it has no plans to pursue a takeover of BP, confirming it has not engaged in any formal discussions regarding the speculation.
According to Shell's chief executive, the company's focus remains on share buybacks rather than on acquiring BP, countering takeover rumors amid media speculation.
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