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Daily Express (UK): Shell’s ‘hidden’ £60bn sparks bid talk

Market Report by David Shand
29 June 2007

SPECULATION of a big takeover in the oil sector was fuelled yesterday by a leading broker suggesting industry giant Shell was undervalued by £60 billion.

Morgan Stanley claimed the “valuable businesses” of the oil super majors had been obscured by their conglomerate tag. It added: “Waiting for the catalyst in the oil sector is a pretty sure way of missing the party. No one forecast that BP was going to take over Amoco. Most scoffed at the idea of a merger between BP and Shell last year, but it has now become broadly accepted that the two companies talked to each other about the idea.”

The suggestion of undervaluation could also generate interest from private equity. Shell rose 52p to 2060p, while BP was up ll%p to 599p. Oil and gas explorer BG Group added 21p to 813p.

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