welcome
CNBC

CNBC

Business

Business & Economics

Oil giant BP is seen as a prime takeover target. Is a blockbuster mega-merger in the cards?

CNBC
Summary
Nutrition label

79% Informative

Oil giant BP has been thrust into the spotlight as a prime takeover candidate.

Analysts question whether any of the likeliest suitors will rise to the occasion.

BP in February pledged to slash renewable spending and boost annual expenditure on core business of oil and gas.

U.S. oil giants Exxon Mobil and Chevron have also been touted as possible suitors.

Activist investor Della Vigna says BP should monetize its Rosneft stake.

BP announced it was abandoning its 19.75% shareholding in Russian state-owned oil company Rosnef in February 2022 .

BP has since said that Helge Lund will step down, likely in 2026 , kickstarting succession process.