Galp shares slump after failed merger talks with Moeve

Galp: Galp Energia SGPS SA is a Portuguese integrated energy company with operations spanning oil and gas exploration and production, refining, and fuel retail, including major upstream activities in Brazil. It recently concluded unsuccessful negotiations with Spain's Moeve aimed at combining downstream refining and fuel station assets across Portugal and Spain to form larger joint ventures. Galp has stated that it remains focused on its upstream growth profile, industrial businesses, and diversified portfolio following the end of these discussions. Partnership Outcome: Galp and Moeve were unable to achieve the necessary commercial alignment to support an enduring and value-accretive downstream partnership despite months of negotiations that began earlier in the year. Strategic Direction: Galp continues to emphasize its upstream oil production in Brazil alongside investments in renewables and decarbonization projects as core areas for future growth.