U.K. newspapers share leaked information regarding mega-merge.
BP and Royal Dutch Shell may be on their way to a merger. According to two U.K. newspapers the London Times and the Daily Mail, the two are in talks and well on their way to creating what would be the world’s largest company.
Rumors have been floating about the merger until both newspapers reported that the companies have their major finacial players in talks over what would be a ≤250 billion company, or $504 billion.
Movement towards a friendly merger has been in the works for sometime, reported the papers. It’s been confirmed that former CEO Lord Browne was eagerly pushing for a take over of Shell during his time with the company. The newspapers report that current CEO Tony Hayward has rekindled the talks.
It’s been reported that if the merger were a success, the new company would be the largest in the world, producing over 70% more oil and gas than ExxonMobil.