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The Independent: Oil titans climb on revived merger rumours

Andrew Dewson
EXTRACT FROM ARTICLE

Among the wilder stories doing the rounds in the market is rehashed talk of a deal between the oil giants BP and Shell. The speculation varies from a full-blown merger to a tie-up between some of the groups’ upstream assets.

Citigroup poured cold water on the notion of a merger, which would create a European oil behemoth with a market capi-talisation of about pounds 240bn.

The US broker put the rallying prices down to upgrades to oil price forecasts rather than to the prospect of major corporate activity. BP finished up 11.5p to 5 8 2 p, while Shell added 47p to 1,906p.

Published: May 19, 2007

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