Shell (SHEL) CEO Wael Sawan and his top lieutenant blocked an internal proposal to buy BP (BP) this year, resulting in the head of mergers and acquisitions to leave the company, Malcolm Moore and Anjili Raval of The Financial Times reports. The marketing and acquisition team, led by Greg Gut, argued that BP’s plunging share price and turmoil presented an opportunity for the company to solve its growth problems, recommending a deal between the companies, several people familiar with the matter told the Times. While Chair Sir Andrew Mackenzie was interested in the pitch, Sawan and Chief Financial Officer, CFO, Sinead Gorman felt the challenge of combining companies would derail their strategy, people familiar with the matter said.
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