Fact Check: Shell Denies Any Merger Talks with BP Amid Market Speculation
What We Know
Recently, reports emerged suggesting that Shell was in early talks to acquire BP, with the potential deal valued at over $80 billion. This speculation was primarily fueled by a report from the Wall Street Journal on June 25, 2025, which indicated that discussions were taking place between the two oil giants (source). However, Shell quickly issued a statement denying these claims, stating, "This is further market speculation. No talks are taking place" (source). The company emphasized its focus on enhancing its own performance and value rather than pursuing acquisitions (source).
BP's stock experienced a notable increase of 10.5% following the speculation, although this rise subsequently tapered off (source). The context of these discussions is significant, as BP has been struggling financially, underperforming compared to Shell over the past year and five years (source). The potential merger would have represented one of the largest deals in the oil sector, reminiscent of the 1999 merger between Exxon and Mobil (source).
Analysis
The claim that Shell is denying any merger talks with BP is substantiated by Shell's official statement, which directly refutes the Wall Street Journal report. The reliability of the sources involved is crucial in this context. The Wall Street Journal is generally regarded as a reputable publication, but its reporting on speculative matters can sometimes lead to misinterpretations or exaggerated claims (source).
Shell's denial was reported by multiple credible outlets, including CNN and Fortune, which both reiterated Shell's focus on internal growth rather than acquisitions (source, source). Furthermore, BP's CEO also addressed the speculation, indicating that the company is concentrating on its own business strategy rather than engaging in merger discussions (source). This aligns with Shell's position, reinforcing the credibility of their denial.
While the speculation about a merger may stem from BP's financial struggles and the potential benefits of such a deal for Shell, the lack of any confirmed talks or negotiations suggests that the claims are unfounded. The market's reaction, including BP's stock rise, reflects the speculative nature of the reports rather than any substantive developments.
Conclusion
The verdict on the claim that "Shell denies any merger talks with BP amid market speculation" is True. Shell has explicitly stated that no discussions are taking place regarding a merger with BP, and this denial has been corroborated by multiple reliable sources. The speculation appears to be just that—speculation—without any basis in confirmed negotiations.
