Shell in Early Talks to Acquire Oil Rival BP
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Here's your midday brief for Wednesday, June 25th. I'm Mariana Aspuru for The Wall Street Journal. We are exclusively reporting that Shell is in early talks to acquire BP in what would be the largest oil deal in a generation. That's according to people familiar with the matter. It would be a landmark combination of two so-called super major oil companies, a group of multinational behemoths that dominate the production of the world's most important energy sources.

A Shell spokesman said they are sharply focused on capturing the value in Shell. A BP spokesman declined to comment.

The Trump administration has pushed back on a leaked intelligence report that said the U.S. strikes on Iran's nuclear facilities only set back Tehran's nuclear ambitions by a few months. Speaking to reporters at the NATO summit in the Netherlands, Defense Secretary Pete Hegseth said that the FBI started a probe into how the preliminary intelligence assessment became public. Hegseth also attacked the media for reporting on a preliminary low-confidence assessment.

Online dating company Bumble is cutting 30% of its workforce in a move that the company says aims to realign its operating structure and focus on strategic priorities. The disclosure came as Bumble raised its second quarter outlook.

And General Mills says sales could fall again in the fiscal year, as consumers spend less on snacks. The maker of Cinnamon Toast Crunch and Bisquick Pancake Mix says its top priority in fiscal 2026 is to restore volume-driven organic sales growth. The outlook came as General Mills logged lower profit and sales in its fiscal fourth quarter, though it noted improved volume and pound share trends.

We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts. Think about a bicycle.

It takes balance to get where you want to go. Now think about business. Whatever your business or organization, you ride the line between numbers and people. Just like the bike, it takes balance. CLA, CPAs, consultants, and wealth advisors. We'll get you there. CLA, Clifton, Larson, Allen, LLP is an independent network member of CLA Global. Investing involves risk, including risk of loss. Investment advisory services are offered through Clifton, Larson, Allen, Wealth Advisors, LLC, and SEC Registered Investment Advisor.