Shell CEO prefers share buybacks over a bid for BP, FT reports

Reuters

Fri, May 2, 2025, 5:09 AM 1 min read

(Reuters) -Shell CEO said connected Friday helium would alternatively bargain backmost much of his company's ain shares than motorboat a takeover bid for rival lipid large BP, the Financial Times reported.

"We volition ever look astatine these things, but you are besides looking to spot what is the alternative. Right now, buying backmost Shell [shares] for america continues to beryllium perfectly the close alternate to spell for," Wael Sawan told the Financial Times.

Shell has been persistently linked to a bid for its smaller rival BP arsenic the second mislaid much than 30% of its worth successful the past 12 months, the study said.

Earlier successful the day, Shell reported beardown first-quarter results surpassing nett expectations and launched a $3.5 cardinal stock buyback.

This marks the 14th consecutive 4th that Shell has maintained a buyback program of astatine slightest $3 billion, versus BP, which chopped its buybacks this twelvemonth to fortify its equilibrium expanse and triumph backmost capitalist confidence.

Shares of Shell were up 2.3% astatine 2,492.5 pence by 1156 GMT, portion BP was down 0.6%.

(Reporting by Yamini Kalia successful Bengaluru; Editing by Arun Koyyur)