Galp and Moeve end merger talks without a deal

Galp and Spain’s Moeve have ended negotiations to merge their refining and fuel distribution businesses without reaching an agreement, the Portuguese oil company said on Monday, scrapping a plan that could have created a major downstream energy operator in the Iberian market.

In a statement filed with CMVM, Portugal’s securities market regulator, Galp said that after the non-binding agreement announced on January 8, 2026, and “exhaustive negotiations between the parties”, no deal was reached with Moeve shareholders Mubadala Investment Company and The Carlyle Group.

The proposed transaction involved an industrial joint venture combining Galp’s Sines refinery with two Moeve refineries in Spain. Galp would have held more than 20% of that new company, with Moeve’s shareholders owning the rest. The two groups also planned to combine their fuel station networks across the Iberian Peninsula in a separate joint venture owned roughly 50-50.

Quoted in the statement, Galp chair Paula Amorim said the parties had made a strong effort to explore “a high-potential opportunity” to create a major European downstream operator, but failed to reach the commercial alignment needed for a long-term partnership. She added that Galp still sees strategic logic in consolidation in the downstream sector and in partnerships built on shared vision and alignment.

Originally published at Eco.pt