Galp and Moeve scrap their refinery merger as the Iran war lifts valuations
The two Iberian energy groups ended merger talks on October 26. Reportedly, refineries had become too valuable, and too volatile, for the sides to agree on a price.
On October 26, 2026, Galp Energia of Portugal and Spain's Moeve said their talks to combine refining, chemicals and fuel retail had failed. The news landed on a day when both companies' refineries had rarely looked more valuable, and that timing is the whole story.
The idea had been on the table since January. According to Reuters, the two sides announced a non-binding agreement then to explore two joint ventures…
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