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Investing.com -- Shell has reiterated it has not bid for BP (NYSE:BP) and is not actively considering such an acquisition, according to a statement released Thursday.
The clarification comes after The Wall Street Journal reported Wednesday that Shell was in talks to acquire BP, citing unnamed sources. In response to this media speculation, Shell stated that no talks were taking place between the companies.
"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," Shell said in its official statement.
The company also noted that its statement falls under Rule 2.8 of the UK regulatory code, which now prohibits Shell from making an offer for BP for the next six months. This restriction means Shell cannot bid for more than 30% of BP’s shares during this period.
According to the regulations, this six-month ban could be shortened under specific circumstances, such as if another bidder for BP emerges or if BP itself invites an offer.
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