The statement from the U.K.-based oil giant came after The Wall Street Journal reported Wednesday that Shell was holding early-stage talks to acquire BP.

LONDON – British oil giant Shell on Thursday denied media reports that it is in talks to buy rival BP. The Wall Street Journal on Wednesday said Shell was holding “early stage talks,″ to acquire BP, citing people familiar with the matter.

Oil giant Shell is reportedly in talks to acquire its competitor BP in a deal which could create a £200bn industry giant. Executives at Shell are said to be in early stage negotiations over a deal that would represent one of the largest ever acquisitions in the UK,