Chris Hughes, Columnist

Where Are Shell’s Animal Spirits for a BP Deal?

There aren’t always first-mover advantages in the merger market.

May 13, 2025 at 4:00 AM UTC

Chris Hughes is a Bloomberg Opinion columnist covering deals. Previously, he worked for Reuters Breakingviews, the Financial Times and the Independent newspaper.

Wael Sawan, chief executive officer of Shell Plc.
Photographer: Bloomberg/Bloomberg

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Shell Plc is evaluating a potential acquisition of BP Plc, Bloomberg News reported on May 3. But it’s waiting to see if BP’s share price falls further or another suitor emerges. Whatever happened to animal spirits?

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