BP plc (ADR) BP shares surged higher Tuesday amid social media chatter that Royal Dutch Shell plc (ADR) RDS may be targeting BP for a takeover.
Chris Beauchamp, an analyst at IG, told Reuters, "BP shares have rallied on the back of enthusiastic buying on talk of Shell's interest in the company. But it seems difficult to believe that Shell would make such a big acquisition at this difficult time for the oil market.”
Benzinga reached out to Shell and its spokesperson was aware of the rumors but declined to comment.
BP’s stock, which opened higher Tuesday, appeared to peak around 11:10 AM EST at $41.15 per share and began to lose steam, perhaps as the rumors could not be substantiated.
BP plc (ADR) traded at $40.73, up 2.26 percent at 11:23 AM EST.
Royal Dutch Shell plc also surged Tuesday morning and recently traded at $68.87, up 2.04 percent.
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