Galp Energia, Moeve's Talks to Merge Downstream Businesses Fall Through

06:13 AM EDT, 10/26/2026 (MT Newswires) -- Galp Energia (GALP.LS) said talks with Spain-based Moeve to potentially combine their downstream businesses fell through after "extensive negotiations" between the parties did not lead to an agreement. The Portuguese energy company Chairperson Paula Amorim said Monday that the parties could not reach the "necessary commercial alignment to support an enduring and value-accretive partnership," adding that the strategic rationale behind the potential deal remains "compelling." In January, Galp Energia and Moeve's shareholders, United Arab Emirates state-owned Mubadala Investment Co. and The Carlyle Group, entered into a nonbinding agreement to advance talks on the potential deal.