Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Oil Co. Talks Canceled

LONDON -- Talks between oil companies Shell and Texaco over a possible alliance in their European refining and retail operations have been called off, the companies said.

The companies had signed a nonbinding memorandum of understanding in September to try to negotiate a joint venture aimed at saving $200 million a year. Talks began in 1997, the companies said.

"Although a joint review by teams from both companies had confirmed the synergy benefits originally envisaged, we have concluded that the proposed venture would not maximize shareholder value for both companies,'' said Paul Skinner, president of Shell Europe Oil Products.