- Created on Thursday, 26 April 2012 11:15
Galp Energia SGPS SA (GALP) rose the most in almost five months in Lisbon trading after Amorim Energia BV and Eni SpA agreed on the price for a 5 percent stake in Portugal’s biggest oil company.
The stock climbed as much as 8 percent, or 87 cents, to 11.725 euros, the biggest jump since Nov. 30. Galp traded at 11.71 euros at 11:24 a.m. in the Portuguese capital, giving the oil company a market value of 9.7 billion euros ($13 billion).
Amorim Energia, a holding company controlled by Portuguese investor Americo Amorim, plans to buy a 5 percent stake in Galp from Eni of Italy for 14.25 euros a share. The transaction is expected to be completed in three to four weeks, a spokesman for Americo Amorim who asked not to be identified said in a telephone interview yesterday after the close of trading. (continue reading on original link)