Spanish Government considers blocking Coricelli bid for Deoleo

The Spanish Government has indicated its intention to use the ‘anti-takeover shield’ to potentially block the acquisition of Deoleo by the Italian group Coricelli. This move aims to ensure the olive oil leader, which owns brands such as Carbonell, Hojiblanca, and Koipe, remains under Spanish control to protect national industrial interests and food security.

Coricelli has submitted the highest bid, valued at approximately 500 million euros. In contrast, Spanish bidders Dcoop and Acesur have offered between 460 and 470 million euros. Agricultural organizations and political groups, including Izquierda Unida, are urging the government to intervene to prevent the company from leaving national ownership.

The potential veto has sparked diplomatic tension with Italy, as the Italian government views the move as a violation of the free movement of capital within the European Union. The Spanish Ministry of Agriculture, Fisheries and Food has signaled support for bids from Spanish entities to preserve domestic strategic interests.