Galp shares plunge 10% after collapse of deal with Moeve

Galp Energia's shares plummeted over 10% after failed merger talks with Moeve, marking the largest market capitalization drop this year. Despite reporting record profits and raising annual profit forecasts, shareholders reacted negatively. As of October 26, Galp's shares traded at €20.51, significantly lower than the previous closing price. The merger aimed to create a major Iberian conglomerate, potentially affecting the Sines refinery, but negotiations collapsed. Moeve's capital is privately held, with no publicly traded shares.