In a response to recent media reports, Shell Plc confirmed that it has not made any approach to acquire BP. The announcement came after Reuters, citing sources from The Wall Street Journal, suggested that Shell was in talks to acquire the British oil giant.

Shell clarified in an official statement that there had been no discussions between the two companies regarding a potential acquisition. “In response to recent media speculation, Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with BP with regard to a possible offer,” the company said.

This denial comes as Shell outlined its compliance with UK regulations, specifically Rule 2.8 of the Takeover Code. The rule imposes a six-month restriction on making an offer for over 30% of a company’s shares after a statement is issued denying any intention to bid. “As a result, Shell will be bound by the restrictions set out in Rule 2.8 of the Code,” the company added.

While the six-month ban is standard practice, it can be shortened if another potential bidder emerges or if BP invites offers.

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Regulatory Landscape: A Ban on Unsolicited Offers

The UK’s regulatory framework has once again placed restrictions on Shell, effectively preventing the company from pursuing BP for at least six months unless certain conditions are met, such as BP receiving an offer from another party or inviting Shell to the negotiating table.

Key Energy Market Developments
Despite the media stir, Shell’s firm stance on its position leaves the energy sector awaiting any further developments, particularly in light of ongoing corporate moves within the oil industry.