Shell and private equity firm Blackstone have agreed to make a joint takeover bid for the US shale division of BHP, the world’s biggest miner, a news report said.
The takeover would be Shell’s largest since its £35billion swoop BG Group in 2016.
However, Shell and Blackstone are likely to face competition, with “several credible proposals” expected to be made to BHP, Sky News reported, citing banking sources.
BHP made the assets available last year after coming under pressure from an activist investor.
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