Shell denies takeover of struggling rival BP in reported £60bn talks

Shell has denied talks are taking place for it to buy BP, amid reports that it is negotiating a historic £60bn takeover to create one of the world's largest oil and gas companies.

- Jillian Ambrose

The so-called oil supermajors are reported to be discussing a potential deal after speculation earlier this year that Shell was considering a bid for its struggling rival, which would mark an end for the 120-year-old company.

The talks over a potential mega-merger, reported by the Wall Street Journal, could lead to one of the largest takeover deals in UK corporate history and a British oil company worth well over £200bn.

According to the report, talks between company representatives are moving forward slowly while BP carefully considers the approach, but a final deal to create a new oil giant remains far from certain.

A spokesperson for Shell referred to the report as "further market speculation", and added that "no talks are taking place". However, they did not say whether talks had previously taken place.