“This is further market speculation. No talks are taking place,” a Shell spokesperson said.
BP surged as much as 10% in New York earlier on Wednesday on the report that it was in early-stage takeover talks with Shell. Shares of the company erased most of those gains to trade 1.2% higher as of 12:44 p.m. local time.
WATCH: Shell says it’s not in talks to buy BP.
DIGITAL: Simon Casey
BP has been under intense pressure after years of poor performance and the intervention of activist shareholder Elliott Investment ...