Top global energy firm, Shell Plc, has disclosed that it won’t be buying BP, another oil major as widely reported.
The oil firm issued a statement over recent media speculation on its interest in the British oil major, saying it has not been actively considering making an offer for the oil giant.
The Wall Street Journal (WSJ) on Wednesday had reported that Shell Plc was prepared to make an offer for the company, but Shell in a statement also confirmed that it had not made an approach to, and no talks have taken place with, BP with regards to a possible offer.
“This is a statement to which Rule 2.8 of the Code applies and accordingly Shell confirms it has no intention of making an offer for BP. As a result Shell will be bound by the restrictions set out in Rule 2.8 of the Code,” the statement said.
“We remain focused on delivering more value with less emissions through performance, discipline and simplification.
“Under Note 2 on Rule 2.8 of the Code, Shell reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances: a) with the agreement of the board of BP; b) if a third party announces a firm intention to make an offer for BP; c) if BP announces a Rule 9 waiver (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and d) if there has been a material change of circumstances (as determined by the Takeover Panel).”