Galp shares plunge over 10% as merger talks with Moeve collapse

Galp Energia and Spain's Moeve were in talks to combine their retail and industrial operations into a large Iberian conglomerate, a move that could have affected ownership of the Sines refinery. The merger discussions collapsed, prompting Galp's shares to tumble more than 10% to €20.51, the sharpest decline in its market capitalisation since early 2026. The Portuguese energy group had just reported record profits for the first three quarters of 2026 and lifted its earnings guidance for the full year, yet the failed transaction dampened investor sentiment.

Galp disclosed the breakdown of talks in a communication to the Comissão do Mercado de Valores Mobiliários (CMVM). Moeve is owned entirely by private investors and does not have publicly traded shares.