Most of the metals news today involves the world of oil and gas where low prices have stunted exploration but, apparently, not acquisition. Alcoa, Inc. also kicked off earnings season today, reporting its Q1 results.
Shell in Talks to Buy BG
Petroleum giant Royal Dutch Shell is in advanced talks to acquire Britain’s BG Group in a deal that would likely be valued at upward of $50 billion and would serve as the latest sign of how tumbling energy prices are shaking up the global oil-and-gas industry, according to the Wall Street Journal.
The deal, should it come to fruition, would enable the two European energy giants to eliminate overlapping costs to help compensate for the toll lower prices have taken on their top lines.
Alcoa Slumps As Aluminum Glut Predicted
Alcoa, Inc. earnings dropped 4.8% in its first quarter report today as the biggest US aluminum producer forecast a global supply glut for the light metal in 2015. Alcoa traditionally kicks off earnings season in the US and stocks fell as investors weighed the outlook for corporate earnings.