Galp and Moeve Abandon Merger Talks for Refining and Distribution Units

OPA WIRE, Oct 26 (OPA) — Galp announced on Monday that months of negotiations regarding a potential combination with Moeve—owned by Abu Dhabi’s Mubadala Investment Company and U.S.-based Carlyle—had failed. The Portuguese company stated that the breakdown in talks will not affect its ongoing operations or financial outlook.

Galp Chair Paula Amorim emphasized the company’s strong market position, citing a diversified portfolio that includes renewable energy and significant trading activities. Moeve CEO Maarten Wetselaar noted that while the merger represented a potential opportunity for value creation, the company’s broader strategy remains independent of the deal. Reports from the Portuguese outlet ECO suggest the collapse stemmed from a disagreement over terms proposed by the Spanish firm.

Despite the failed merger, Galp reported a 68% year-on-year increase in net profit for the third quarter, reaching 682 million euros. The company attributed this growth to record oil and natural gas production in Brazil, alongside strong performance in international export and trading markets. Galp continues to develop its downstream assets, including a major green hydrogen production project and a biofuels unit in Sines.

Both firms signaled a shift in focus toward their existing strategic goals. Moeve stated it remains committed to its transformation plan with a focus on financial discipline. Galp maintains that its current business mix and cash-flow generation capacity provide a sufficient foundation for continued investment and growth in the energy sector.