Energy shares edge higher despite a drop in crude oil prices as merger and acquisition activity remained active.

U.S. crude oil inventories fell more than expected last week, and gasoline stocks increased as refineries stepped up their capacity use, according to data released by the Energy Information Administration.

Brookfield Asset Management is in talks to acquire France's Neoen in a deal that values the renewable-power producer's equity at 6.1 billion euros (US$6.59 billion).

Brookfield said it was in exclusive talks to acquire a 53% stake in Neoen from investors, including privately held Impala and an alliance of seven major French insurers. If successful, it plans an all-cash mandatory tender offer for all remaining shares and outstanding convertible bonds.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

05-30-24 1756ET