Moeve and Galp cancel largest intra-European oil merger
Moeve and Galp call off, without success, their negotiations to integrate businesses in a 18.000 million operation that would have changed the European oil map.
Moeve and Galp have ended their negotiations for a merger that would have created two new energy giants in Europe. The deal, valued at 18,000 million, would have integrated their industrial and commercial businesses, but ultimately failed due to disagreements on asset valuations, the impact of the Gulf war, and concerns over national sovereignty.
The merger would have made the companies almost equal to Repsol in the Iberian market. Moeve and Galp had been negotiating since the start of the year, with initial valuations of 15,000 million.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
