U.S.-listed shares of BP climbed about 2% on Wednesday after The Wall Street Journal reported Shell was holding early-stage talks to acquire its oil rival. Citing people familiar with the matter, the outlet said BP was “considering the approach carefully” and talks were progressing slowly.

Shares of BP rose Wednesday, lifted by a report that Shell was in talks to acquire it in what would mark a huge deal for the pair of U.K. oil giants.

BP's stock price rose while Shell shares slid on news that the companies are in early talks over a potential merger.