Galp and Moeve Cancel Downstream Merger
Galp Energia and Moeve abandoned merger talks for their downstream assets as the Iran conflict boosted global refinery valuations. Meanwhile, Galp reported a surge in third-quarter profit driven by record margins.
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Galp Energia SGPS SA and Spain's Moeve scrapped a planned downstream merger on Monday amid soaring refinery valuations driven by the ongoing war in Iranaffecting Portugal and Spain operations. The abandoned joint venture highlights how surging energy volatility has upended asset pricing across United States and international markets. Investors face fresh uncertainty regarding the European energy firms' long-term restructuring strategies.
