Shell has denied recent media speculation that it is in talks to buy BP following reports of a potential £60bn takeover.

According to a report from Bloomberg, which cited people close to the matter, Shell had been discussing the possibility of a takeover bid for BP with its advisers in recent weeks.

Speculation of a bid, which could have resulted in one of the biggest ever deals in the oil and gas industry, had also been growing with BP’s share price tumbling by more than 30% in the past 12 months. BP’s CEO, Murray Auchincloss, announced a company “reset” in February this year, although this has yet to turn around the oil giant’s fortunes.

However, in a market statement today Shell has categorically denied the rumours and added it was now bound by UK rules which mean its statement bans it from bidding for BP for the next six months.

The statement released by Shell said: “In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer.

“This is a statement to which Rule 2.8 of the Code applies and accordingly Shell confirms it has no intention of making an offer for BP. As a result, Shell will be bound by the restrictions set out in Rule 2.8 of the Code.”

Shell said it would remain focused on delivering “more value with less emissions” through “performance, discipline and simplification”.

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