What’s up with all these M&As

It’s Friday, it’s hot up north, and we don’t want to stand between you and the weekend.  

So let's cut right to the chase: there’s been a lot of intriguing M&A activity we think you oughtta know about (though our titles get progressively worse — the heat’s getting to us):

• Oil me up! Shell and BP keep it low-key 

Fleece vests paused everywhere on Wednesday, after the WSJ claimed British oil giant Shell is now in early talks to acquire its British rival BP.

But in a riveting twist (at least by finance standards?) Shell then denied the reports, labelling them nothing but “market speculation”. And BP’s share price has been on a real trip as a result, soaring 10% on the initial reports then fading on the denial.

But given a) BP’s rough year (losing almost a third of its value over external shocks plus internal missteps), and b) Shell’s record profits, the match-up has logic. 

Still, it's early days, and the latest rumours suggest maybe it’s less a full buyout (the hurdles would be intense), and more a BP split-and-sell to multiple rivals.

Either way, it’s another example of the energy sector consolidating and pivoting as boardrooms hustle to adapt to a complex transition and broader global environment.

• Godzilla smash: Japan crushes it 

Meanwhile, Japan said “hold my Asahi” and notched up $232B in M&A deals in the first half of the year, 3x-ing this time last year. And it might just be getting started. Why? 

It’s a mix of low rates, low valuations (partly a product of Japan’s corporate culture), and an economy relatively well insulated from the outside world.

• Change your tune: China’s new Spotify

Apparently podcasts are a thing now? China’s tech giant Tencent already got the memo, buying one of China’s biggest podcasting startups Ximalaya for ~$2.4B. 

And sure, it’s fascinating to get a window into how podcast culture is evolving in other languages — one local smash-hit is Kou Aizhe’s Story FM, featuring everyday folks telling true stories from China.

But the intriguing thing about this deal is the implication that maybe China’s Big Tech is finally out of President Xi’s political freezer — if Tencent is out there spending again, it must feel safe again. But abroad, the US-China tech war is still taking its toll: just look at the recent merger between local computing players Hygon and Sugon, a sign China’s tech sector is consolidating as external pressure mounts.

• Snack on this! US-EU spat over Pringles?

A US regulator just greenlit the Mars family’s $36B acquisition of Pringles, but EU regulators are investigating whether that’d drive snack prices higher. Europe gotta snack.

Is this a bargaining move by Brussels to build leverage ahead of President Trump’s 9 July tariffs deadline? Perhaps. Or a vivid illustration of the differing antitrust philosophies between a more business-leaning Trump 2.0 and consumer-leaning EU? Definitely.