This content is from: Innovation

Petrobras Ends €3.5 Eni, Galp Deal

Brazilian oil company, Petrobras, has cancelled its plans to buy Italian oil company Eni’s stake in Portuguese energy company, Galp Energia.

Brazilian oil company, Petrobras, has cancelled its plans to buy Italian oil company Eni’s stake in Portuguese energy company, Galp Energia, Reuters reports. Eni owns about a 33.34% stake, worth about €3.8 billion, in Galp.

Petrobras had offered to buy Eni’s stake for €3.5 billion, which is considered too low as compared to Eni’s asking price. The proceeds from the sale were expected to be used by Eni to repay debt.

Click here for the story from Reuters.

Click here for the additional coverage from The Wall Street Journal.

Related Content