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.
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