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BP surges on bid speculation

Screen Shot 2014-10-28 at 12.29.57The Telegraph: BP and BG boosted by bid talk

Oil and gas majors BP and BG Group were in demand on talk the two companies had been left vulnerable to predators after steep falls in their share prices.

BP spiked in afternoon trade and closed 19.35p higher at 433.85p – a 4.7pc gain – amid chatter that Royal Dutch Shell is eyeing a bid approach.

Minutes after BP surged, the excitement spread to gas group BG, which rose 30.9p, or 3.4pc, to 935½p on two rumours: one of a potential takeover by Shell, the other that ExxonMobil and Chevron were considering a break-up of the company.

Spokesmen for BP, BG and Shell all said they did not comment on market rumours, while some traders dismissed the chatter as spurious. But oil and gas shares have had such a torrid time of late that analysts had nevertheless been expecting deal speculation to emerge.

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