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Convenience Store/Petroleum: Major Merger? BP, Shell may be thinking about getting together

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Issue Date: CSP Daily News, July 6, 2007

BP, Shell may be thinking about getting together 
 
LONDON — BP and Royal Dutch/Shell are thought to have revived plans for a merger to create an oil giant—in fact, the world’s biggest, surpassing ExxonMobil—with a market value of £250 billion ($503.17 billion U.S.), according to a report by The Times of London.

The newspaper said 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 billion ($5.03 billion U.S.) of cost savings for the enlarged group.

BP while under Lord John Browne—the former CEO, who said in early May amid financial and personal scandals that he would be stepping down this month—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 CEO, the report said.

Another report, by The Daily Mail, speculates that such a merger would win approval by government regulators, but that both companies would have to dispose of some assets.
 
http://www.cspnet.com/me2/default.asp

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