BP shares surge on report that rival Shell could acquire it

BP shares jumped arsenic overmuch arsenic 10% aft the Wall Street Journal reported that rival Shell is successful aboriginal talks to get the British lipid company.

Shares of BP jumped $3.11, oregon 10%, to $32.94 successful aboriginal day trading. U.S.-listed shares of Shell, which is besides U.K.-based, meanwhile, slid 3%. 

A imaginable deal, which is said to beryllium successful the aboriginal treatment stage, would enactment Shell successful a presumption to rival competitors ExxonMobil and Chevron, according to the report, which cited radical acquainted with the discussions. If it were to occur, specified a merger would people the largest lipid woody successful decades.

BP declined to remark connected the matter. Shell denied that it is holding discussions with BP.

"This is further marketplace speculation. No talks are taking place. As we person said galore times before, we are sharply focused connected capturing the worth successful Shell done continuing to absorption connected performance, subject and simplification," a Shell spokesperson said successful a connection to CBS News. 

Specifics and presumption of what a imaginable woody would look similar were not instantly available, according to the report. There's besides nary warrant that a woody volition spell through, and the discussions are progressing slowly, the Wall Street Journal reported.

BP is valued astatine astir $80 billion, portion Shell has a marketplace worth of much than $200 billion, according to fiscal information steadfast FactSet.

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