M&A talk bubbles up in oil
The Evening Standard reports on a rumour that ExxonMobile has felt out BP's largest shareholders on a potential takeover.
Shares of BP are nearly 4% higher on the rumour.
With a market cap of more than $100B and a reasonable premium, it would probably be the second or third largest takeover of all time. It would also create a large inflow into GBP from USD.
The Evening Standard said Shell could launch a counter bid that would keep BP British and also reports that Chevron could be interested.
A BP spokesman said he had no comment on the rumour.
