Shell in early talks to acquire BP in what could be the largest oil M&A deal since Exxon-Mobil merger

Jun 25, 2025

Key Points

• Shell is in early talks to acquire BP for roughly $80 billion, a deal that would mark the largest oil merger since Exxon Mobil's 1998 acquisition of Mobil.
• BP stock jumped 7% on the acquisition report before retracing, signaling market skepticism about deal completion.
• Shell has publicly denied that acquisition talks with BP are underway.