Shell denies it's in talks to buy BP

(Sharecast News) - Oil giant Shell denied on Wednesday that it was in talks about a potential £60bn takeover of rival BP. Responding to a report from the Wall Street Journal, a spokesperson for Shell said: "This is further market speculation. No talks are taking place."

Earlier, the WSJ cited people familiar with the matter as saying that Shell was holding early-stage talks to buy its rival in what would be the largest oil deal in a generation.

Sources told the WSJ that talks between company representatives were active and that BP was considering the approach carefully.

The Shell spokesperson added: "As we have said many times before, we are sharply focused on capturing the value of Shell through continuing to focus on performance, discipline and simplification."