Iberian energy companies Moeve and Galp have ended talks to combine their downstream businesses after failing to agree commercial terms.
The companies "did not reach final terms that met their respective strategic and financial criteria to support an enduring and value-accretive partnership", Moeve said.
The talks centred on creating two separate companies from parts of Moeve and Galp's downstream businesses. One would have combined their refining, chemicals, trading and low-carbon fuels operations, while the other would have brought together their customer-facing businesses, including their Iberian service station networks.
"Following extensive discussions, it was not possible to reach a commercial agreement with Galp. We remain fully focused on executing our transformation with financial discipline and delivering sustainable long-term value," Moeve chief executive Maarten Wetselaar said.
Galp said the proposed combination still had a compelling strategic rationale, but that the companies had been unable to achieve the commercial alignment needed for a lasting partnership.
"Galp remains exceptionally well positioned, with one of the most attractive upstream growth profiles in the sector, strong industrial and commercial businesses, and a diversified portfolio encompassing renewable energy and significant trading activities," Galp chairperson Paula Amorim said.
