Shell Facing Takeover Bid

Beleaguered oil giant Shell is preparing for a takeover bid, with insiders claiming French oil company Total is planning a raid.

Shell, the Anglo Dutch group, is worried that Total is the only firm capable of gaining regulatory approval for a buy-out.

Total's chief executive Thierry Desmarest is understood to be keen to expand the company's market presence through a merger or acquisition.

Total has a market cap of £68bn compared with Shell's 94bn.

Shell bosses have previously admitted the need to boost its oil reserves.

But acquisitions have been out of the question, due to soaring oil prices resulting in a reluctance to sell by potential targets.