Market Report: BG drills ahead as buyout rumours fuel speculation
The London market continued to weaken last night, but BG overcame the downdraft as speculators revisited rumours of a bid interest from rivals in the oil and gas sector.
FTSE 100-listed Royal Dutch Shell, Brazil’s Petrobras, America’s Exxon Mobile and the Russian energy giant Gazprom were all named as possible bidders. The large number of potential suitors, coupled with the fact that BG often features in the market rumour mill, stoked scepticism among traders. However, the recent jump in deal activity elsewhere meant that they were careful to acknowledge the possibility of a takeover proposal, particularly when it came to Shell, which has been linked with the natural gas giant in the past.
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