Shell has denied it is in talks with BP over a possible takeover of its smaller rival.
The Wall Street Journal, citing a number of sources, reported on Wednesday evening that discussions between the two UK-based energy firms were at an early stage but active.
The US publication added that BP was considering the approach.
Its story was published after the London Stock Exchange had closed for the day, but US-listed shares in BP were 10% up in New York shortly after publication while those for Shell were down.
However, Shell responded to the story by telling Sky News: “This is further market speculation. No talks are taking place.”
“As we have said many times before, we are sharply focused on capturing the value of Shell through continuing to focus on performance, discipline and simplification.”
The rally for BP shares fell back in the wake of the statement.
BP was yet to comment.
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