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Interesting article, Kacy... this is one of many I have read of late suggesting such activity (the other recent one being the more outlandish but nonetheless possible t/o of Shell by Exxon!!).

http://www.nydailynews.com/money/2009/01/05/2009-01-05_analysts_think_exxon_mobil_will_buy_roya.html

I think its without doubt that we will see large-scale consolidation in the sector but given Shell failed to take advantage of the previous slump in oil markets (you will remember Exxon took over Mobil), I would be surprised if they cashed in their 34% holding at these levels...

What is obvious to me, however, is that its time to go Long (MT or LT traders) on oil majors.