Other Energy Stocks Are Surging After the Huge Shell-BG Deal
After the news that Royal Dutch Shell has agreed to buy BG Group Plc in the biggest oil and gas deal in at least a decade (valued at $70 billion), BG and other energy names in Europe are following suit as pressure may rise on other firms to consolidate.
First, here's a three-day chart of BG Group, which is up massively today:
The Stoxx 600 Oil & Gas (Price) Index is moving higher in early trading, leading the broader Stoxx 600 to a new record. Here are some three-day charts of a few notable winners.
Tullow Oil is shooting higher, up more than 10 percent at one point. The company has previously been called a perennial takeover target.
Another name moving higher is Genel Energy, the oil producer led by former BP Plc chief Tony Hayward. Shares are up more than 6 percent since yesterday's close.
Ophir Energy, another potential takeover target, is trading higher by more than 10 percent since yesterday.