Galp tie-up talks with Moeve collapse, sending its shares tumbling

Galp said it could not reach an agreement with Moeve on combining their refining and distribution operations. The announcement followed months of negotiations; Galp also reported a 68% year-on-year rise in third-quarter net profit.

• Galp announced on Monday, 26 October 2026, that negotiations with Spanish company Moeve had not produced an agreement on combining downstream, refining and distribution activities.· 1 source
• Galp said the failed negotiations would not affect its operations or confidence in the company; Moeve CEO Maarten Wetselaar said the company’s strategy did not depend on the deal.· 1 source
• Galp reported third-quarter net profit of €682 million, up 68% year on year. The supplied Reuters headline says its shares tumbled after the talks collapsed.· 2 sources