Galp and Moeve fail to reach agreement for business merger

Galp and Moeve have ended their negotiations for a business merger due to a lack of agreement. The discussions aimed to combine retail and industrial operations but did not reach a successful conclusion. Galp stated that while the strategic rationale for the merger remains valid, the necessary commercial alignment was not achieved. Despite the failed negotiations, Galp reassured that its current operations and confidence in its downstream portfolio's value creation potential remain unaffected. The merger would have created two companies, one focused on fuel sales and the other on industrial activities, with shared control in the former and majority control by Moeve in the latter.