BP P.L.C. BP shares are trading higher Monday following a report suggesting Shell PLC SHEL is considering acquiring the company.

What To Know: According to Bloomberg, Shell is evaluating a potential acquisition of BP, but waiting for further stock and oil price declines before making a final decision.

Other companies are also reportedly evaluating whether to pursue an acquisition of BP.

Shell has been in discussions with its advisors regarding a possible deal. Shell may choose to focus on buybacks and smaller acquisitions.

When asked about the report, a Shell spokesperson said, "As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification."

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BP Price Action: At the time of writing, BP shares are trading 3.49% higher at $29.10, according to data from Benzinga Pro.

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