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Monday, February 7, 2011

Galp shares drop as Petrobras confirms end of talks, (GALP), (ENI), (GALP)

Shares in Portuguese oil company Galp (GALP.LS) fell around 1 percent after trading resumed on Monday following a brief suspension when Brazil's Petrobras (PETR4.SA) confirmed it had ended talks to buy a stake. In a statement re-posted on the CMVM market regulator's website, Petrobras said it had failed to reach an agreement with Italy's Eni (ENI.MI) on purchasing Eni's stake in Galp. [ID:nN07201456] Eni has a 33.34 percent stake in Galp (GALP.LS), valued at about 3.8 billion euros ($5.15 billion).

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