Dcoop tables €470 million bid for Deoleo as Spanish olive oil consolidates
The Spanish olive oil market, a global benchmark for prices and production alongside Italy and Greece, is moving through a consolidation phase that investors priced in fast on Wednesday. Deoleo, the maker of Bertolli and…
Key takeaways
- Spanish agri-food cooperative Dcoop has tabled a €470 million ($545 million) bid for Deoleo, the maker of Bertolli and Carbonell, emerging as the frontrunner in a competitive takeover process.
- Deoleo's shares rose more than 20% on Wednesday, reaching their highest price in a year and the strongest single-day gain since March 2022.
- No agreement has been reached, but the process is nearing its conclusion, with a deal anticipated to close as early as September.
- A Dcoop-Deoleo combination would capture around 15% of domestic olive oil consumption in Spain, according to El Economista as cited by CNBC.
- Dcoop leads a field of competing bidders from four countries, including Italy's Coricelli, Bonifiche Ferraresi and Newlat Food, France's Lesieur (owned by Avril), and Australia's Cobram Estate Olive.
The Spanish olive oil market, a global benchmark for prices and production alongside Italy and Greece, is moving through a consolidation phase that investors priced in fast on Wednesday. Deoleo, the maker of Bertolli and Carbonell, climbed more than 20% after Spanish agri-food cooperative Dcoop emerged as the frontrunner in a competitive takeover process, having tabled a €470 million ($545 million) bid.
That move pushed Deoleo to its highest share price in a year and its strongest single-day gain since March 2022. No agreement has been reached, but the process is nearing its conclusion, with a deal anticipated to close as early as September, according to CNBC, which cited Spanish newspaper El Economista. Deoleo did not respond to requests for comment; a Dcoop representative could not be reached.
A crowded field in a steadying market
The bid arrives against the backdrop of a sector that has swung hard in recent years. Climate change, water scarcity, and disease pressures produced dramatic price volatility across the olive oil supply chain. Deoleo has said that conditions have since stabilised, with the acute volatility giving way to more stable market conditions.
Dcoop is leading a field of competing offers from four countries. Italian firms Coricelli, Bonifiche Ferraresi, and Newlat Food are in the process, along with France's Lesieur, owned by Avril, and Australia's Cobram Estate Olive. The cross-border composition of the field reflects how global the interest in Mediterranean olive oil brands has become.
A combination with Dcoop would bring together two significant Spanish operations. CNBC, citing El Economista, reported the resulting entity would capture around 15% of domestic consumption in Spain, with a brand portfolio that includes Bertolli and Carbonell.
The broader cycle caveat is familiar to anyone who covers soft commodities. Spain's production base is structurally exposed to weather and water, the same pressures that drove the volatility Deoleo says has now eased, and any return to supply strain would test whatever acquisition multiple the final deal carries.
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