BP shares jumped Wednesday on a report that the oil major is in early-stage talks to be acquired by Shell.
People familiar with the matter told The Wall Street Journal that talks between BP and Shell are active but a deal is far from certain. The talks are progressing slowly, one person told the Journal.
BP shares were last up about 7%. The British oil major is currently valued at nearly $85 billion.
Sources familiar with the matter told CNBC’s Brian Sullivan that it is unlikely Shell would purchase the entirety of BP. It is more likely that different parts of BP would be purchased by multiple companies if a deal does transpire, the sources said.
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