Petrobras ends talks to buy Galp stake

Brazil’s state-run oil company Petroleo Brasileiro SA (Petrobras), has dropped out in bidding for a stake in Portugal’s Galp Energia, the company said. Petrobras “has decided to end talks with Eni SpA without completing any acquisition of a stake in Galp Energia,” the company said in a filing with local stock regulators. While Petrobras is flush with cash after raising nearly US$70 billion in the world’s largest-ever share offer last year, Eni’s supposed asking price of €4.7 billion was seen as too pricey. (February 7,2011)