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Daily Express: Shell faces takeover challenge from Total

Daily Express: Shell faces takeover challenge from Total

“THE turmoil at Shell has triggered speculation that it could be vulnerable to a takeover or merger”

16 August 04

THE turmoil at Shell has triggered speculation that it could be vulnerable to a takeover or merger, with France’s Total tipped as a contender.

Shell has been rocked this year by revelations that its oil and gas reserves were 20 per cent lower than thought.

The crisis claimed the scalps of three senior executives^ including chairman Sir Philip Watts and the head of exploration Walter van de Vijver.

It has also raised questions about the independence of Shell which has remained on the sidelines while the industry has seen a wave of mergers and takeovers including Exxon’s purchase of Mobil.

There was speculation yesterday Total could be a potential partner for Shell as it is the only major oil company likely to be allowed to buy or merge with Shell without breaching competition rules.

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