<ul data-eligibleForWebStory="true"><li>BP is seen as a potential target for a takeover bid due to underperformance and recent strategic setbacks.</li><li>Shell, a likely bidder, clarified that it has no intention of making an offer for BP, cooling market speculation.</li><li>Shell's focus on buying back its undervalued shares sets a high bar for considering a mega bid for BP.</li><li>While a Shell-BP deal could offer cost-saving opportunities, Shell's share price needs to rise for the numbers to work out.</li></ul>

The arithmetic is tricky for a Shell bid for BP today. Next year may be different

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