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The Times: BP and Shell revive plans for merger

July 3, 2007

Business in brief

BP and Shell are thought to have revived plans for a merger to create an oil giant with a market value of £250 billion. The City is awash with talk that Britain’s two largest oil companies have engaged financial advisors to discuss terms for a so-called friendly merger that could result in £2.5 billlion of cost savings for the enlarged group.

BP while under Lord Browne, former chief executive, is said to have approached Shell last year about a deal. Those plans are thought to have been reheated under the leadership of Tony Hayward, BP’s new chief executive. Royal Dutch’s A-shares rose 33p to £20.67p, while its B-shares gained 26p to 21.09. (James Rossiter)

http://business.timesonline.co.uk/tol/business/industry_sectors/article2017453.ece

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