The Guardian: Shell ready for acquisition trail
Thursday June 23, 2005
By Terry Macalister
Shell chief executive Jeroen van der Veer yesterday raised expectations of a big acquisition to put the Anglo-Dutch oil group back on equal terms with BP and ExxonMobil.
Speaking at a press briefing about the advantages of now being able to launch a rights issue, he insisted “we have no specific target in mind” but pointed out that the last 100 years in the oil industry was a story of consolidation.
His remarks came as the prospect of a bidding war loomed last night for US oil group Unocal. China’s state-run oil firm CNOOC is preparing a counter-bid for the firm, upsetting an agreed offer of $18.2bn (£10bn) from America’s ChevronTexaco, sources close to the process told Reuters. A move would be the latest in a series of ambitious acquisitions by Chinese companies in the US and is bound to be closely scrutinised by American regulators.