Shares in olive oil producer Deoleo rose temporarily by around 20 per cent to about €0.44 on Wednesday, 19 August, on the Bolsa de Madrid . The trigger was reports that the Andalusian agricultural cooperative Dcoop had made a €470 million takeover offer for Deoleo. Neither Dcoop nor Deoleo confirmed the details; Spanish media, citing people familiar with the matter, reported that the talks were not yet complete.
According to elDiario.es, Europa Press and 20minutos, the reports prompted a sharp share-price reaction during the trading day on the Mercado Continuo. The media also stressed that the bidding process was ongoing and that an agreement could take weeks.
Attributed statements: Dcoop representatives told the Efe news agency that the cooperative was reviewing market opportunities and considered it undesirable for Spain to lose its leading position in a strategic sector. They gave no specific information about an offer. Deoleo declined to comment.
The process: According to consistent media reports, the focus is primarily on the roughly 57 per cent stake held in Deoleo by the financial investor CVC Capital Partners . The sale process is reportedly being overseen by KPMG ; some media had previously suggested that a deal might be completed in September. Those timings, however, have not been confirmed.
Background: Deoleo, with brands such as Carbonell, Hojiblanca and Koipe is one of the leading suppliers in Spanish food retail. In early July, its shares had already risen by more than 11 per cent following indications of takeover interest from European competitors. Reports named, among others, Coricelli from Italy and Lesieur from France as possible interested parties.
A successful acquisition by Dcoop would shift the ownership structure of Spain’s largest olive oil bottler in favour of a producer organisation. This could affect the value chain, from procurement and pricing to negotiations with retailers, and fuel an industrial policy debate about control of a sector considered strategic in Spain. However, until the companies involved issue official statements, the size and terms of any potential offer, its financing, and any commitments on employment and brand management remain unclear.
Editor: Daniel Mayer (Article created with AI assistance).