Petrobras Ends €3.5 Eni, Galp Deal

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