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Shell's M&A chief Greg Gut left after CEO Wael Sawan blocked a proposed BP acquisition, with no plans to pursue it post-ban.
Shell's mergers chief Greg Gut has left the company after CEO Wael Sawan and top executives blocked an internal proposal to acquire BP this year, according to the Financial Times.
The M&A team, including chair Andrew Mackenzie, supported the deal, but Sawan and finance chief Sinead Gorman opposed it over strategic risks.
Shell had previously denied seeking a BP bid in June, citing a six-month UK ban on such moves, set to end December 26.
Sawan has prioritized share buybacks over acquisitions, especially amid BP’s underperformance since its 2020 shift to renewables.
The FT reported Gut departed before the June denial, suggesting Shell is unlikely to pursue BP when the ban ends.
Shell reiterated its prior denial, stating it has nothing further to add.
Reuters could not confirm Gut’s departure, as his LinkedIn profile still lists him as employed by Shell.
El jefe de fusiones y adquisiciones de Shell, Greg Gut, se fue después de que el director ejecutivo Wael Sawan bloqueara una propuesta de adquisición de BP, sin planes de continuar después de la prohibición.