BP shares rose more than 10% after rumors that Shell was negotiating to buy the company, but Shell denied the talks.
Raluca Ioana Draghici
Economy
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BP shares fluctuated sharply, rising more than 10% after The Wall Street Journal reported that Shell was in talks to buy BP. Shell dismissed the speculation, saying there are no talks underway. Should the acquisition go through, it would be the industry's biggest deal since the 1990s. BP, with a market capitalization of about $80 billion, has struggled to find its direction, leading to speculation about a possible acquisition. Recently, BP announced a strategic refocus, doubling its investment in oil and gas.
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