Shell Squashes BP Takeover Rumors, Hits Six-Month Ban

Shell plc (NYSE:SHEL) has issued a statement addressing recent media speculation about a potential deal to acquire BP plc (NYSE:BP).

“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,” the company said in a statement on Thursday.

This is a statement to which Rule 2.8 of the Code applies. Rule 2.8 states that if a company makes a public statement that it does not intend to make an offer for another company, it is then bound by certain restrictions.

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