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The sharks are circling UK major BP, whose days as a stand-alone company may be numbered, if reports are to be believed. BP's dismal recent share performance and dwindling market capitalization have placed it well behind its Western oil major peers, and speculation is growing that one of them, if not some other well-heeled rival, could snap up BP at a relative discount. Compatriot Shell has been mooted as a logical suitor, but others are understood to be kicking the tires on the 116-year-old firm as well 鈥� all at a time when activist investor Elliott Management is ratcheting up pressure for rapid change. BP may still be able to stave off a takeover, but after recent strategy shifts, C-suite shake-ups and the continued overhang of the deadly 2010 Macondo oil spill in the US Gulf of Mexico, the company finds itself in a vulnerable position. BP has seen its share price fall by around 30% over the past year, and its current market cap of just over $74 billion is well below that of the next closest supermajor, France鈥檚 TotalEnergies. Commentators sense a buying opportunity for a company like Shell, which has substantial overlapping and complementary assets with BP. Shell, for its part, has downplayed its interest, emphasizing its preference for using its $35.6 billion cash pile to buy back its own shares. Combining with BP would almost double Shell's upstream production to more than 5 million barrels of oil equivalent per day, catapulting it ahead of US giant Exxon Mobil, at least for now. It would also give Shell more than 100 million tons per year of LNG sales 鈥� a key strategic focus 鈥� keeping Shell well ahead of rivals like Total. Shell and BP are already the two largest producers in the US Gulf, and both are looking to expand. On the other hand, BP鈥檚 downstream and low-carbon assets 鈥� areas where Shell is looking to scale back 鈥� would hold little appeal. RBC Capital Markets calculated a deal to likely be 鈥渄ilutive鈥� on most key metrics for Shell and questioned the strategic merits. One veteran oil industry executive suggested Shell would likely only pounce if BP鈥檚 market cap took another major hit given the risks the deal presents to Shell鈥檚 own successful turnaround.