# Galp and Moeve end Iberian downstream merger negotiations

> Live situation record from CLSTR: https://clstr.news/situations/galp-and-moeve-iberian-downstream-merger-negotiations
> Updated: 2026-10-26T11:37:19.000Z. Sources: 29. Developments: 3.

Galp Energia and Moeve have officially terminated negotiations to merge their downstream businesses in the Iberian Peninsula. The proposed deal, which had been under discussion since January, aimed to create two distinct entities: ‘RetailCo’, focused on fuel retail and electric mobility, and ‘IndustrialCo’, intended to consolidate refining, petrochemical, and low-carbon fuel assets.

The collapse of the negotiations follows disagreements regarding asset valuations and operational terms. Industry sources indicate that geopolitical volatility and market uncertainty, particularly concerning energy prices and supply chains, complicated the process. Specifically, market volatility driven by geopolitical conflicts in the Middle East was cited as a factor in the breakdown.

In the wake of the failed merger, Galp reported a 68% increase in adjusted net profit for the third quarter, reaching 682 million euros, driven by record refining margins and higher oil prices. However, Galp shares fell over 10% on the Lisbon stock exchange following the announcement of the collapsed deal. Despite the stock decline, the company raised its 2026 adjusted EBITDA forecast to between 4 billion and 5 billion euros.

In a joint statement, the companies noted they could not reach definitive terms that met their respective strategic and financial criteria for a long-term partnership. Galp Co-CEO João Diogo Marques da Silva stated that while the company is not currently active in the market, it remains prepared for potential future transactions and strategic partnerships. Galp emphasized that its investment priorities remain unchanged, specifically highlighting ongoing projects for green hydrogen production and advanced biofuels in Sines.

## Claims

- Galp and Moeve ended negotiations to merge refining and distribution businesses. (corroborated by 13 sources)
- The proposed merger would have created two platforms: IndustrialCo and RetailCo. (corroborated by 9 sources)
- The deal failure was influenced by geopolitical instability in the Middle East. (corroborated by 8 sources)
- Mubadala Investment Company and The Carlyle Group are shareholders of Moeve. (corroborated by 6 sources)
- Galp's third-quarter profit increased by 68% to 682 million euros. (corroborated by 5 sources)
- Oil production in Brazil reached a record 131,000 barrels per day. (corroborated by 4 sources)
- The Sines refinery remains under Galp's control. (corroborated by 4 sources)
- Galp is not currently active in the market for transactions but is prepared for potential future deals. (corroborated by 2 sources)
- The Sines refinery supplies over two-thirds of Portugal's diesel and aviation fuel consumption. (corroborated by 2 sources)
- Galp's shares fell 11% following the announcement of the failed negotiations. (single source)
- The proposed deal would have included the Sines refinery, as well as refineries in Huelva and Cadiz. (single source)

## Timeline

### 2026-10-26: Galp profits rise 68% as merger talks with Moeve collapse

Galp's third-quarter profits rose 68% to 682 million euros, but shares plunged over 10% after merger talks with Spain's Moeve collapsed.

9 sources. https://clstr.news/cluster/galp-ends-merger-negotiations-with-moeve

### 2026-10-24: Galp and Moeve end merger negotiations for downstream businesses

Galp and Moeve have ended talks to merge their refining and distribution businesses after failing to reach strategic and financial agreement.

23 sources. https://clstr.news/cluster/sines-refinery-propblica-warns-of-legal-gaps-in-galp-moeve-deal

### 2026-10-18: Galp and Moeve negotiate merger of Iberian downstream assets

Galp Energia and Moeve are negotiating a downstream merger in the Iberian Peninsula, a move that may reduce Sonangol’s strategic influence over European refining assets.

2 sources. https://clstr.news/cluster/galp-and-moeve-negotiate-merger-of-iberian-downstream-assets

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Cite as: Galp and Moeve end Iberian downstream merger negotiations. CLSTR, https://clstr.news/situations/galp-and-moeve-iberian-downstream-merger-negotiations