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The Independent: Shell takeover speculation dismissed

The Independent: Shell takeover speculation dismissed

16 Aug 2004

Posted 17 Aug 04

The FTSE 100 holds on to its gains, but Shell slips back from session highs after a leading broker plays down the chances of French rival Total bidding for the oil giant.

Shell, up 4p to 394.5p, slipped from a high of 397.75p after Dresdner Kleinwort Wasserstein poured cold water on a report in yesterday’s Observer suggesting the group is bracing itself for a bid from Total. Shares in Total slipped 1%.

DKW, which reiterated its add rating and 425p price target, said Shell is ‘probably too big to be swallowed’ and ‘scarcely a lame duck’, pointing out that the group has recovered most of its losses following January’s reserve downgrade.

DKW believes a merger between the two would require significant divestments and thus reduce the potential synergies and does not think a deal would be able to pass antitrust rules.

Shell and Total declined to comment on the speculation. and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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