SHEL - Big European oil firms flush with cash could lead to clean energy M&A - Bloomberg

Shell ( SHEL ), TotalEnergies ( TTE ) and Equinor ( EQNR ) are among oil and gas companies that have evaluated European utilities for potential takeovers , with targets including wind and solar producers such as Iberdrola ( OTCPK:IBDRY ), Orsted ( OTCPK:DNNGY ) and SSE Renewables ( OTCPK:SSEZY ), Bloomberg reported Friday.

The surge in profits and cash holdings at the oil majors in the last six months could mean a major takeover is within reach, according to the report, although discussions so far have been entirely preliminary with no sign of any imminent action.

The takeover of a major clean energy producer by a big oil company would not mean the world hits emissions targets any sooner, but it could help the buyer surpass its peers in the race to adapt to a low-carbon future.

European oil majors are racking up record profits thanks to high prices for oil products: Shell ( SHEL ) has said it expects its refining profits to nearly triple and add $1B to net income, while BP ( BP ) reported its largest quarterly profit in a decade .

For further details see: