The shares of Deoleo have skyrocketed by around 20% in the mid-session of the stock market after it became known that the Spanish cooperative Dcoop has put on the table an offer of 470 million euros for the oil group, owner of brands such as Hojiblanca, Carapelli, and Carbonell, for which other European companies are also competing.
Specifically, the shares of Deoleo, which already recorded a rise of 16.7% at the beginning of the day at 9:36 AM, continue to rise with an increase close to 20%, standing around 0.44 euros per share. With this increase, so far this year, the valuation of the owner of Carbonell has accumulated a revaluation of 146.67%.
According to what "El Economista" publishes today, citing sources close to the operation, the cooperative Dcoop would have presented a proposal of 470 million euros for Deoleo and would have prevailed over the one formulated by the Italian companies Coricelli, Bonifiche Ferraresi, and Newlat Food, the French Lesieur (Avril), and the Australian Cobram Estate Olive.
Dcoop admits it is analyzing the operation
For its part, sources from Dcoop consulted by Europa Press have acknowledged that "they are studying the opportunities" that exist in the market such as that of Deoleo. "We believe that the buyer must be aligned with quality and the fight against fraud and that it would be bad for Spain to lose leadership in such a strategic sector," they specified.
In parallel, the British fund CVC Partners, a reference shareholder of Deoleo, would be finalizing the details to divest 57% of the capital of the oil company, a process that it channels through its financial advisor KPMG, and whose closure is expected for the month of September.
According to information from the Italian media "ItaliaOggi", in the operation and for competition reasons for Dcoop, the Italian Bonifiche Ferraresi (BF) would assume the operational control of the Carapelli brand as an industrial partner, while the Spanish Acesur would keep Bertolli.
If this transaction is finally materialized, the resulting new group would become a global giant in olive oil, with a combined turnover exceeding 2.2 billion euros.
In this context, CCOO has demanded that the future buyer of Deoleo ensure stable and quality employment, as well as the maintenance of the industrial fabric in the community, betting on national capital projects and rejecting the entry of funds or rivals that could damage the reputation of the product or jeopardize job stability.
For this reason, the general secretary of CCOO Industry of Andalusia, José Hurtado Quirós, has urged the Administration to activate the regulations on foreign investments in order to protect the productive capacity of the olive oil sector against the pressure from speculative funds.