Migasa and Coricelli launch joint bid for Deoleo

The Seville-based oil group Migasa has formed an alliance with the Italian Coricelli family group to submit a joint bid for Deoleo, the owner of major olive oil brands including Carbonell and Hojiblanca. The proposal was submitted through Farmers Elite Global, a Seville-based holding company that serves as the parent for the Coricelli conglomerate's operations in Spain, Italy, and the United States.

According to financial sources, the current bids for Deoleo are estimated to be between 510 and 530 million euros. This joint offer competes with a bid from the Jaén-based cooperative Dcoop. While Dcoop has expressed a desire to keep Deoleo under Spanish ownership, its president, Antonio Luque, noted potential antitrust challenges in the United States due to the cooperative's existing market position.

A previous standalone offer from Migasa was reportedly dismissed by Deoleo's current shareholders, CVC Capital Partners and Alchemy, because the amount was considered significantly lower than the company's valuation. The acquisition process remains complex and open as bidders navigate potential competition issues in Spain and the U.S. that could necessitate divestments.