• ConocoPhillips (COP +0.6%) rejected a $2B-plus takeover approach from Ineos Chemicals boss Jim Ratcliffe for its North Sea assets, according to a report from the Sunday Times.
• The approach reportedly came earlier this year amid reports that COP was planning to shut down a major North Sea pipeline system and after Ineos spent £500M buying a dozen gas fields from LetterOne.
• P-E firm Blackstone also is believed to have made a bid, according to the report.