Spanish cooperative Dcoop leads a €470 million takeover offer for Deoleo, outpacing rival bids from European and Australian firms.
Deoleo shares surged over 20% after Dcoop submitted a €470 million bid to acquire the olive oil producer, positioning itself as the frontrunner in a competitive takeover process. The deal, expected to finalize by September, would merge two major Spanish olive oil operations, capturing roughly 15% of domestic consumption.
The bid surpasses offers from Italian, French, and Australian competitors, including Coricelli, Bonifiche Ferraresi, Newlat Food, Lesieur, and Cobram Estate Olive. Deoleo, known for brands like Bertolli and Carbonell, hit its highest share price in a year amid the takeover speculation.
Spain, a global leader in olive oil production, has seen sector volatility due to climate change and supply constraints. Deoleo noted recent stabilization in market conditions, though the industry remains sensitive to external pressures.