MW BP shares rise on report Exxon, Chevron and rivals eyeing oil major
By Barbara Kollmeyer
More takeover talk involving potentially several suitors was lifting shares of BP on Friday.
U.K. shares of BP (UK:BP) rose over 3% on Friday, while U.S.-listed shares $(BP)$ gained over 2%.
Chevron $(CVX)$, Exxon Mobil $(XOM)$, TotalEnergies (FR:TTE) and Adnoc Gas (AE:ADNOCGAS) from Abu Dhabi have been analyzing a potential deal, the Financial Times reported Friday, citing sources. Takeover talk was stirred days ago by a report that Shell (UK:SHEL) $(SHEL)$ was studying the possibility of a BP purchase.
Also read: Why a potential Shell blockbuster deal for BP makes sense
The FT report added that oil trader Vitol may be considering buying parts of BP's business. MarketWatch has reached out to all of those companies for comment.
BP's continued share underperformance - the stock has dropped 27% over 12 months - "makes it open to a takeover," a source close to activist investor Elliott Management, which holds a stake of just over 5%, told the FT.
-Barbara Kollmeyer
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May 09, 2025 06:24 ET (10:24 GMT)
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