Shell claims it has no intention of purchasing BP

In a categorical denial Thursday, Shell stated that it has not bid for BP and is not actively considering doing so. It also stated that it was obligated by U.K. regulations, which means that making such a declaration precludes Shell from bidding for BP for the next six months.

According to sources cited by the Wall Street Journal on Wednesday, Shell was in negotiations to buy BP. Shell responded that no negotiations were underway. When questioned about a potential bid for BP, Shell CEO Wael Sawan has stated time and time again that repurchasing Shell shares was a better use of funds.

“In response to recent media speculation, Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms that it has not made an approach and that no discussions have taken place with BP regarding a possible bid,” Shell said in a statement.