Dcoop's €470 million offer for Deoleo has vaulted the world's largest olive oil bottler's shares 17% higher, putting the Spanish cooperative in pole position to acquire the company.
Geri
Deoleo jumps 17% as Dcoop's €470M bid leads takeover race
Dcoop, a Spanish agri-food cooperative, has offered €470 million ($545 million) for Deoleo, the world's largest olive oil bottler and marketer, sending shares up 17% to a fresh 52-week high Wednesday morning.
The bid, reported by El Economista citing unnamed sources familiar with the matter, takes the lead in a multinational takeover race that includes Italian firms Coricelli, Bonifiche Ferraresi and Newlat Food, French group Lesieur (Avril), and Australia's Cobram Estate Olive.
The transaction would acquire the 57% stake held by CVC Capital Partners, with KPMG coordinating the deal. Closing is initially expected in September. Deoleo shares were last trading 15.7% higher at €0.432, on track for their best session since March 2022. The payment structure has not yet been disclosed.
If completed, the acquisition would create a Spanish olive oil giant with combined turnover exceeding €2.2 billion and roughly 15% of national consumption, consolidating Spain's leadership in a sector where prices have swung dramatically between seasons.
Deoleo's H1 Profit Jumps 11-Fold to €19.4 Million
Deoleo, the maker of household brands including Bertolli, Carbonell and Hojiblanca, reported first-half net profit of €19.41 million, multiplying 11-fold from €1.69 million in the same period last year. The results were driven by a €13 million refund of US tariffs imposed under the IEEPA regulations — annulled by the US Supreme Court — and a €6 million positive resolution of a Spanish tax litigation.
The strong earnings come after a turbulent period for the olive oil sector. Prices of the commodity swung dramatically from one season to the next as climate change, water scarcity and pest pressures disrupted supply across the Mediterranean. Deoleo recently told CNBC that a period of unprecedented volatility has given way to more stable market conditions, a shift that could make the sector more attractive to strategic buyers.
A Consolidation Play in a Stabilizing Market
Spain, alongside Italy and Greece, is one of the world's leading olive oil producers and a global reference for prices. A successful Dcoop acquisition would strengthen the cooperative's position across the value chain, from production to branded retail, while the competitive bidding suggests multiple European and Australian players see strategic value in consolidating the sector.
The deal's outcome will hinge on regulatory approvals and the willingness of CVC Capital Partners to accept the offer. If Dcoop's bid prevails, the combined entity would control a portfolio of iconic brands and a significant share of the Spanish market, reshaping competitive dynamics in the global olive oil industry. The competitive bidding also raises the possibility of a higher offer, as rival suitors may seek to counter Dcoop's proposal before the expected September closing.
The last time Deoleo shares moved this sharply was March 2022, when the stock posted its previous best single-day gain. The current surge reflects not just the Dcoop bid but the broader strategic interest in olive oil assets, as stable pricing conditions and strong consumer demand make the sector increasingly attractive to food conglomerates and cooperatives alike.
This article is for informational purposes only and does not constitute investment advice.
