Galp and Moeve Combine Downstream Operations in Major Iberian Deal

Portugal’s energy giant Galp and the owners of Spanish refiner Moeve have agreed to advance discussions on a potential merger of their downstream portfolios to create two separate major Iberian companies. Galp and Moeve’s shareholders Mubadala Investment Company and The Carlyle Group aim to create two energy companies in the Iberian Peninsula, which would be named RetailCo and IndustrialCo. RetailCo would operate a network of around 3,500 service stations primarily located in the Iberian Peninsula, while IndustrialCo…