Shell plc (“Shell”) statement re BP plc (“BP”)
Shell plc (NYSE:SHEL) has officially responded to recent media speculation by confirming it is not actively considering an acquisition of BP plc. The company stated it has neither made an approach to BP nor engaged in any talks regarding a potential offer.
This announcement falls under Rule 2.8 of the UK City Code on Takeovers and Mergers, legally binding Shell to these restrictions. However, Shell reserves the right to make an offer under specific circumstances, including BP board agreement, third-party offers for BP, or material changes in circumstances as determined by the Takeover Panel.
Shell plc (NYSE:SHEL) ha risposto ufficialmente alle recenti speculazioni dei media confermando che non sta attivamente considerando un'acquisizione di BP plc. La società ha dichiarato di non aver né contattato BP né avviato trattative riguardo a un'eventuale offerta.
Questa comunicazione rientra nella Regola 2.8 del Codice britannico sulle Offerte Pubbliche di Acquisto e Fusioni, che vincola legalmente Shell a tali restrizioni. Tuttavia, Shell si riserva il diritto di presentare un'offerta in circostanze specifiche, inclusa l'approvazione del consiglio di BP, offerte da terzi per BP o cambiamenti significativi nelle circostanze come determinato dal Takeover Panel.
Shell plc (NYSE:SHEL) ha respondido oficialmente a las recientes especulaciones mediáticas confirmando que no está considerando activamente una adquisición de BP plc. La compañía declaró que no ha contactado a BP ni ha entablado conversaciones sobre una posible oferta.
Este anuncio se enmarca en la Regla 2.8 del Código de la Ciudad de Reino Unido sobre OPA y Fusiones, que obliga legalmente a Shell a estas restricciones. Sin embargo, Shell se reserva el derecho de hacer una oferta bajo circunstancias específicas, incluyendo el acuerdo del consejo de BP, ofertas de terceros por BP o cambios materiales en las circunstancias según lo determine el Panel de OPA.
Shell plc (NYSE:SHEL)는 최근 언론의 추측에 공식적으로 대응하며 BP plc 인수를 적극적으로 고려하고 있지 않다고 확인했습니다. 회사는 BP에 접근하거나 잠재적 제안에 관한 논의를 진행한 적이 없다고 밝혔습니다.
이 발표는 영국 시티 인수합병 규정 제2.8조에 해당하며, Shell은 이에 법적으로 구속됩니다. 다만, BP 이사회 동의, 제3자의 BP 인수 제안, 또는 인수위원회가 판단하는 중대한 상황 변화 등 특정 조건에서는 제안을 할 권리를 보유하고 있습니다.
Shell plc (NYSE:SHEL) a officiellement répondu aux récentes spéculations médiatiques en confirmant qu'elle n'envisage pas activement une acquisition de BP plc. La société a déclaré qu'elle n'avait ni approché BP ni engagé de discussions concernant une offre potentielle.
Cette annonce relève de la Règle 2.8 du Code britannique des OPA et Fusions, qui contraint légalement Shell à ces restrictions. Cependant, Shell se réserve le droit de faire une offre dans des circonstances spécifiques, notamment avec l'accord du conseil d'administration de BP, des offres de tiers pour BP, ou des changements matériels dans les circonstances tels que déterminés par le Takeover Panel.
Shell plc (NYSE:SHEL) hat offiziell auf jüngste Medienberichte reagiert und bestätigt, dass es keine aktive Übernahme von BP plc in Erwägung zieht. Das Unternehmen erklärte, weder BP kontaktiert noch Gespräche über ein mögliches Angebot geführt zu haben.
Diese Mitteilung fällt unter Regel 2.8 des UK City Code für Übernahmen und Fusionen, die Shell rechtlich an diese Beschränkungen bindet. Shell behält sich jedoch das Recht vor, unter bestimmten Umständen ein Angebot zu machen, einschließlich Zustimmung des BP-Vorstands, Angebote Dritter für BP oder wesentliche Änderungen der Umstände, wie vom Übernahmeausschuss bestimmt.
- None.
- None.
Insights
Shell formally denies any intention to acquire BP, putting to rest recent market speculation about a potential mega-merger between the energy giants.
Shell has issued a formal Rule 2.8 statement under the UK Takeover Code confirming it has no intention of making an offer for BP. This regulatory announcement directly addresses recent market speculation and establishes that Shell has not been actively considering such a transaction, has not approached BP, and no talks have taken place between the companies.
This statement carries significant regulatory weight, as Rule 2.8 legally restricts Shell from making an offer for BP for a specified period. However, Shell has reserved four standard exceptions where these restrictions could be set aside: with BP board agreement, if a third party bids for BP, if BP announces specific regulatory events, or if there's a material change in circumstances as determined by the Takeover Panel.
Shell's statement reaffirms its current strategic focus on "delivering more value with less emissions through performance, discipline and simplification" rather than pursuing major acquisitions. This regulatory filing effectively ends immediate speculation about what would have been one of the largest energy sector mergers in history, potentially worth hundreds of billions of dollars given the market capitalization of both companies.
The formal denial of merger talks provides important clarity for investors in both companies about the strategic direction of these energy majors amid ongoing industry transformation pressures.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT IS AN ANNOUNCEMENT UNDER RULE 2.8 OF THE UK CITY CODE ON TAKEOVERS AND MERGERS (THE “CODE”)
26 June 2025
Shell plc (“Shell”) statement re BP plc (“BP”)
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 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.
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:
- with the agreement of the board of BP;
- if a third party announces a firm intention to make an offer for BP;
- 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
- if there has been a material change of circumstances (as determined by the Takeover Panel).
The contents of this announcement will be available at www.shell.com.
The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
ENQUIRIES
Shell Media Relations
International +44 207 934 5550; U.S. and Canada: Contact form
LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Additional regulated information required to be disclosed under the laws of the United Kingdom.
FAQ
Has Shell made an offer to acquire BP in 2025?
What is Rule 2.8 of the UK City Code on Takeovers and Mergers?
Under what conditions can Shell make an offer for BP in the future?
Why did Shell issue this statement about BP in June 2025?
