Spain's Moeve and Portugal's Galp have ended talks on combining their refining and fuel retail businesses in the Iberian Peninsula, the companies said on 26 October 2026, after failing to reach final terms that met their respective criteria.
Why Moeve (owned by Mubadala Investment Company and The Carlyle Group) is buying Galp Energia downstream businesses (proposed Iberian refining and retail combination)
Under the non-binding agreement announced in January, the companies planned two vehicles: an industrial company combining refining, petrochemicals, trading and low-carbon fuels, and a retail mobility platform. Galp's upstream business was excluded.
“Positive Motion has always been a standalone strategy.”
Deal terms and financing
Galp would have held more than 20% of the industrial company, with Moeve's shareholders, Mubadala and Carlyle, holding the rest, while the service-station networks would have been combined in a joint venture owned roughly equally. Galp chairperson Paula Amorim said the parties could not reach the necessary commercial alignment.
Market context
Galp's shares fell about 11% on 26 October, their worst session since December 2025, ECO reported. Moeve said it would continue its Positive Motion strategy on a standalone basis, while Galp said it remained open to consolidation and strategic partnerships.
