If BHP has approached Shell for them to sell their stake in WPL, then in order to get a higher price, it is in Shell's interest to both deny it is keen to sell its stake while at the same time leak information of any approach to the media in the hope that the leak results in a higher WPL share price.
Also don't forget that BHP is likely to be building its own LNG plant in WA in the next few years. It may be a lot cheaper to put that money towards buying WPL.
Regards
SP
charlie aitken, page-64
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