Galp and Moeve end talks on merging refining and retail operations

Portuguese energy company Galp Energia and Spanish group Moeve have ended negotiations to merge their refining and fuel distribution operations, Euronews reported on Monday, October 26. The announcement came after several months of discussions failed to produce an agreement between the companies. [1][3][6][7]

Following the collapse of the proposed tie-up, Galp shares fell on the stock market, according to the Wall Street Journal and Reuters. The drop in share price overshadowed positive earnings reported by the Portuguese company. [2][4]

Euronews reported that Galp issued a statement confirming that it was not possible to reach a deal with Moeve shareholders. Moeve is owned by the Abu Dhabi investment group Mubadala Investment Company and the United States firm Carlyle. [1]

Galp stated that the failed negotiations will have no impact on its operations or confidence in the firm, Euronews reported. The company added that it maintains a strong position with its upstream growth profile. [1]

Galp Energia is a Portuguese energy corporation headquartered in Lisbon that operates in oil, natural gas, refining, and renewable energy. Moeve, formerly known as Cepsa until October 2024, is an integrated energy company based in Madrid. [8][9]