Shell announces it will not be buying BP and UK rules prohibit bids for six months

Shell said that it has not made a bid to buy BP, and it is not considering it. It added that it was bound by UK regulation, which means such a statement would prevent it from making a BP bid in the next six-months.

The Wall Street Journal cited on Wednesday sources claiming that Shell is in talks to buy BP. Shell responded by saying no talks are taking place.

Shell issued a statement saying that "in response to recent media speculation Shell wishes clarify that it had not actively considered making an offer for BP. It confirms it hasn't made an approach, and there have been no discussions with BP regarding a potential offer."

Shell confirms that it does not intend to make an offer for BP. Shell is therefore bound by Rule 2.8.

According to regulations, the six-month prohibition on making an offering for more than 30% of BP shares can be shortened if BP accepts an offer or if a new bidder emerges. (Reporting and editing by Emelia Sithole Matarise; Reporting by Shadia Nazarella)

(source: Reuters)