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BP takeover rumours

Shares of UK oil company BP rose more than 3pc yesterday afternoon, with several traders citing market talk of a takeover bid from rival Royal Dutch Shell.

Shell and BP declined to comment. Shares of Shell were up 2.5pc.

"BP shares have rallied on the back of... talk of Shell's interest," said Chris Beauchamp, an analyst at IG.

"But it seems difficult to believe that Shell would make such a big acquisition at this difficult time for the oil market," he added.