Shell Says It Has No Intention of Making an Offer for BP

Shell Plc said it has no intention of making a takeover offer for BP Plc, refuting an earlier report that two of Europe’s biggest companies were in active merger talks.

The announcement quells speculation that the UK’s two oil majors would end up combining, following several years of poor performance from BP and rising pressure from activist shareholder Elliott Investment Management. Shell’s statement means it is bound by the UK Takeover Code, largely preventing it from submitting an offer for BP for six months.