Deoleo sale: Coricelli leads €500 million bid for olive oil giant

The sale of Deoleo, a major global olive oil company behind brands such as Carbonell and Bertolli, has entered a decisive phase. The Italian group Coricelli, operating through its Seville-based holding Farmers Elite Global, has emerged as a frontrunner with a €500 million bid. This offer surpasses the €470 million proposal from the Spanish cooperative Dcoop and the €460 million bid from Acesur.

Coricelli is reportedly close to securing exclusive negotiation rights with Deoleo’s main shareholders, funds CVC and Alchemy. If successful, the acquisition would create a massive industry player with combined revenues exceeding €1.2 billion and a workforce of nearly 1,000 employees.

The Spanish Government, through the Ministry of Agriculture, Fisheries and Food, has expressed a preference for a Spanish buyer to preserve national industrial interests and protect the interests of domestic olive growers. While the government maintains it will respect market conditions and legal frameworks, Dcoop has called for the use of the ‘anti-takeover shield’ to prevent the company from falling into foreign hands. The outcome of this competition between Spanish and Italian interests is seen as a strategic battle for leadership in the global olive oil market.