16th Dec 2025 09:58
(Alliance News) - Shell PLC's head of mergers & acquisitions team has left the company after clashing with Chief Executive Wael Sawan over a proposed takeover of rival oil major BP PLC, the Financial Times reported Tuesday.
Back in June, Shell denied it was discussing a possible bid for BP, in response to a Wall Street Journal article which suggested it had entered early talks. This triggered a six-month bidding restriction, which prevents Shell from making an offer before December 26. BP in June declined to comment.
However, according to "sources familiar with the matter" cited by the FT on Tuesday, Shell is unlikely to approach BP when the restriction period ends.
The FT reported that CEO Sawan and Chief Financial Officer Sinead Gorman halted a bid proposal, due to scale and viability concerns.
Greg Gut, Shell's former executive vice president of Corporate Strategy, M&A and NBD, was reportedly in favour of the deal, and has exited after coming to an impasse.
Shell shares were 1.0% lower at 2,670.50 pence per share on Tuesday morning in London, while BP fell 0.9% to 433.60p.
By Holly Munks, Alliance News reporter
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