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Galp and Moeve end merger talks without agreement
The proposed combination covered refining and distribution businesses. Galp separately reported a 68% rise in quarterly net profit to €682 million.
Portugal’s Galp said on October 26 that months of talks with Spain’s Moeve had ended without agreement on combining their downstream businesses, including refining and distribution. Galp said the outcome would not affect its operations or confidence in the company.
Moeve CEO Maarten Wetselaar said the companies could not settle commercial terms. He said Moeve’s strategy did not depend on the transaction and that it would continue its transformation while maintaining financial discipline. Moeve’s shareholders include Abu Dhabi’s Mubadala Investment Company and U.S. group Carlyle.
According to a media report citing people familiar with the negotiations, the talks broke down because Galp board chair Paula Amorim did not accept Moeve’s demands.
Galp said its downstream operations include a Portuguese retail network and energy-transition projects in Sines, including green hydrogen production through electrolysis and a biofuels unit.
Separately, Galp disclosed third-quarter net profit of €682 million, up 68% from a year earlier. The company attributed the increase to record oil and natural gas production in Brazil, strong exports and international oil and gas trading.