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Monday, February 7, 2011

Petrobras says ends Eni talks to buy Galp stake, (ENI), (NYSE: PBR), (GALP)

Brazil's state-run oil company Petrobras (PETR4.SA) said on Monday it has pulled out of talks with Italy's Eni (ENI.MI) to buy its stake in Portugal's Galp Energia. In a market filing, Petrobras (PBR.N) confirmed statements from unnamed sources reported by Reuters last week that the talks over Eni's 33.34 percent share in Galp (GALP.LS) had collapsed. Petrobras did not say why it ended talks in the statement, but a source had said previously it was over Eni's asking price for its shares in the Portuguese energy firm. [ID:nLDE7110SD] (Reporting by Reese Ewing, editing by Gerald E. McCormick)

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