Talks between Italy's Eni (ENI.MI) and Brazil's Petrobras (PETR4.SA) over Eni's stake in Portugal's Galp Energia have collapsed over price as the Italian oil and gas group seeks a sale to cut debt, a source said on Wednesday. Eni, one of Europe's most highly geared oil companies, has a 33.34 percent stake in Galp (GALP.LS), valued at about 3.8 billion euros ($5.31 billion). It could use proceeds to reduce borrowings and keep dividends flowing. A source close to the deal told Reuters that Petrobras had pulled out of the bidding for the Galp stake.
Source
