Market Chatter: Shell M&A Head Stepped Down After BP Takeover Proposal Rejected

05:42 AM EST, 12/16/2025 (MT Newswires) -- The head of mergers and acquisitions at Shell (SHEL.L, SHELL.AS) reportedly stepped down months ago, with London's Financial Times reporting unnamed sources as saying that his rejected push for a bid for BP (BP.L) paved the way for his exit. According to the Tuesday report, Greg Gut proposed that the oil giant make an offer for rival BP. While Shell Chair Andrew Mackenzie was interested, Chief Executive Wael Sawan and Chief Financial Officer Sinead Gorman voiced opposition over the challenges that come with merging two of the biggest companies in the UK, as well as its impact on Shell's strategy. FT noted that Gut left Shell before the company issued a statement on June 26 to say that it is not actively considering an offer for BP. "We have previously made a clear statement on this matter, and we have nothing to add to it," a spokesperson for Shell told MT Newswires in response to a request for comment. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)