BP shares went on a rollercoaster ridetoday following a report that U.K. rival Shell was in early-stage talks to acquire the oil major.
🎢 Shares spiked 9.5% this afternoon following the WSJ report, then retreated over the next hour when Shell denied it.
🗣️ "This is further market speculation. No talks are taking place," a Shell spokesperson tells Axios.
Driving the news: The WSJ, citing people familiar with the matter, reported that talks were active between the companies' financial advisers, but were "moving slowly."
The report characterized a tie-up as "far from certain."
BP reportedly declined to comment.
💰 The big picture: BP is valued at $80 billion, which would make an acquisition the largest M&A deal of the year, and the largest corporate oil deal since the one that created Exxon Mobil in 1999, WSJ noted.
The company has been trying to appease activist investor Elliott Investment Management in recent months.
📈 The latest: BP shares ended the day up 1.6% in the U.S., while Shell fell 1%.
