Shell, Others May Acquire Parts of BP

BP shares surged up to 10% following reports that Shell is in early-stage talks to acquire the British oil giant, though both companies have either declined to comment or denied ongoing discussions. While initial reports suggested a full takeover by Shell, sources now indicate that any potential deal may involve multiple companies acquiring different parts of BP. The talks are reportedly active but progressing slowly, with no established terms and no certainty of a deal. BP is valued at about $80 billion, while Shell is valued at over $200 billion. The news comes as the energy sector sees increased consolidation, with major firms seeking to better compete with U.S. giants like ExxonMobil and Chevron. Activist investor Elliott Investment Management has also been pushing for changes at BP, potentially influencing these developments.