Galp Shares Fall After Moeve Merger Talks Collapse
Galp Energia shares fell 7.5 percent after talks to combine its downstream assets with Moeve collapsed. The drop occurred despite the company reporting a 68 percent rise in third-quarter adjusted net profit.
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Galp Energia shares fell 7.5% in morning trading on Monday after talks to combine refining and retail assets with Spain-based Moeve collapsed. The derailed deal ends plans to create one of Europe's largest refining platforms. The drop sent the stock toward its biggest one-day decline in 11 months, ranking among the worst performers on the STOXX 600.
