Deoleo accepted an offer from Spanish rivals Acesur and Dcoop for its subsidiary Deoleo Holding, a deal that would further consolidate Spain’s olive oil sector.
Deoleo said the accepted offer implies an enterprise value of €520 million ($583.2 million). Acesur and Dcoop agreed to jointly acquire about 91.99% of Deoleo Holding, including listed Deoleo S.A.’s entire stake, with the buyers participating equally.
Deoleo shares were last trading down 19.9% Thursday, CNBC reported. The stock was still about 55% higher for the year, amid more moderate olive oil prices and stronger U.S. sales, according to CNBC.
CNBC said the takeover contest also drew interest from multinational firms in Italy, France and Australia. It linked recent swings in olive oil supply and pricing to climate change, scarce water, pests and disease.
Dcoop said it wants the transaction to expand olive oil use worldwide and help farmers capture value from the wider business.
