Galp and Moeve end merger talks without agreement
The proposed combination covered refining and distribution activities. Galp said the outcome would not affect its operations.
Portugal’s Galp said on 26 October 2026 that months of talks with Spain’s Moeve had ended without agreement on combining their downstream businesses, including refining and distribution. Moeve also confirmed that the companies had been unable to agree commercial terms.
Moeve chief executive Maarten Wetselaar said the proposed transaction had offered a way to accelerate value creation, but the company’s strategy did not depend on it. He said Moeve would continue its transformation while maintaining financial discipline. Galp said the outcome did not affect its operations.
Galp pointed to its Portuguese retail network and energy-transition projects in Sines as components of its downstream business. Those projects include green hydrogen production through electrolysis and a biofuels production unit. Moeve’s shareholders are Abu Dhabi’s Mubadala Investment Company and the US group Carlyle.
Separately, Galp disclosed third-quarter net profit of €682 million, up 68 per cent from a year earlier. The company attributed the increase to record oil and natural gas production in Brazil, strong exports and oil and gas trading on international markets.
