Moeve and Galp End Talks on Downstream Merger

Spanish energy firm Moeve and Portugal’s Galp announced on Monday that they had ended talks on a proposed combination of their downstream businesses in the Iberian Peninsula after failing to agree on final terms.

The two companies announced a non-binding agreement on January, to explore creating two independent platforms from their downstream operations.

However, they said the discussions did not result in terms that met their respective criteria for a long-term partnership that could create value.

“Moeve and Galp did not reach final terms that met their respective criteria to support an enduring and value-accretive partnership,” Moeve said in a press release.

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