Shares of BP plc, listed in the United States, surged by over 7% on Wednesday after it was reported that Shell plc is in early talks to acquire the British oil company.
Namely, sources with knowledge of the matter told the Wall Street Journal that negotiations between the two companies' representatives are underway, even though a deal is "far from certain" as BP is considering its stance "carefully." However, CNBC reported Shell is unlikely to acquire 100% of BP shares, emphasizing that BP may be split in a sale, with different companies buying different parts of BP if a deal is reached.
BP's stock rose by 7.48% at 511:48 pm ET, to sell for $32.0600 apiece.
