Is Exxon bidding for BP again?

Rumors in the UK press that Exxon is in acquisition mode are driving BP shares up, Bloomberg reports, but analysts aren’t biting — they’ve heard the tune before, in both 2015 and 2010. Speaking against the acquisition: USD 20 bn in penalties Exxon would take on as a result of BP’s Gulf of Mexico oil spill. Analysts also suggest an M&A of this size would surely attract the ire of UK regulators. BP holds sizeable concessions in the West Nile Delta, acquired a 10% stake in Zohr back in November, andcould increase its investments in Egypt by another USD 13 bn over the next five years.