BP and Exxon Mobil refuse to comment on talk of bid approach; Shell tipped as potential bidder - speculative reports
BP [LON:BP], an FTSE-100 oil company and Exxon MobilCorporation [NYSE:XOM], its Irving, Texas-based counterpart, have both refused to comment on Friday, 10 March regarding suggestions that Exxon had made a bid approach to BP shareholders, The Times reported. The newspaper’s market report did not cite a source for the rumour regarding the approach.
The speculation met with scepticism by some investors, who suggested that the Texas-based oil company Anadarko Petroleum Corporation [NYSE:APC] was a more attractive prospect for Exxon.
The item also mentioned talk that FTSE-100 rival Royal Dutch Shell [AMS:RDSA] [LON:RDSB] might get involved, but did not specify which company it might be interested in.
A market report in The Daily Telegraph on Friday, 10 March had noted talk the previous day that Exxon had approached BP shareholders.
The Daily Mail’s market report section on Saturday mentioned talk of an offer exceeding 600p per share, but did not cite a source for the speculation. An offer at that level would value BP at close to GBP 120bn (EUR 136bn), the item said.
The report also mentioned talk that Shell would also make an offer for BP if Exxon proceeds with a bid.
All companies involved dismissed what they described as speculation and emphasised that similar gossip has been in circulation for years, the newspaper said.
The market report section in Saturday’s Daily Telegraph said the limited increase in BP’s share price suggests that traders do not entirely believe the takeover speculation.
BP’s share price closed 16.7p up at 470.7p in London on Friday, valuing the company at GBP 92.07bn (EUR 105.56bn).
Link to The Times
Link to Daily Mail
Link to Daily Telegraph