The U.S. oil major's $33 bln offer for Permian powerhouse Anadarko may spark similar moves by rivals. The region’s independent players face challenges and are priced accordingly. Were Shell to play M&A catch-up, though, it would risk cramping its climate change-conscious style.
The French gas and power group is decluttering its complex structure by exiting 20 markets. Engie’s state ownership and Belgian nuclear albatross act as a brake on activism, but won’t always save it if its undervaluation lingers. Still, steps to close the gap with big wind and solar peers suggest a capacity for self-help.