Deoleo, the company behind brands like Hojiblanca, Carbonell, or Carapelli, has confirmed that it is studying “possible strategic alternatives” regarding its participation, among which “the possible sale” of the entire group or part of its assets and businesses is not ruled out, according to the company’s communication to the National Securities Market Commission (CNMV).
In particular, the Spanish multinational has indicated that ASO Lux 3 S.à r.l. and ASO Lux 4 S.à r.l., which own 12.307% and 28.684% of the share capital, along with Ole Investments, B.V., a reference shareholder with 50.996%, are evaluating these strategic alternatives after the information published this Wednesday that pointed to a possible sale of the business to the Spanish cooperative Dcoop for 470 million euros.
Deoleo does not confirm any operation and skyrockets on the stock market
The company has clarified that, as of today, “no definitive decision has been made” and that it is unaware whether the process, which is “currently underway,” will lead to any “specific operation nor, if applicable, the terms under which this could be carried out.”
In this scenario, the shares of the oil company have skyrocketed during the trading session, registering a gain of 24.59% at 4:45 PM, at which point its shares were trading at 0.461 euros.
Dcoop acknowledges that it is analyzing “opportunities” like that of Deoleo
According to today’s publication by ‘El Economista’, citing sources familiar with the operation, the cooperative Dcoop would have put a 470 million euro offer on the table for Deoleo and would have outpaced the proposals from the Italian companies Coricelli, Bonifiche Ferraresi, and Newlat Food, the French Lesieur (Avril), and the Australian Cobram Estate Olive.
At the same time, sources from Dcoop consulted by Europa Press have admitted that “they are studying the opportunities” that the market offers, including 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 emphasized.
CVC prepares its exit from Deoleo and September appears on the horizon
In parallel, the British fund CVC Partners would be fine-tuning the final details to divest its stake in Deoleo, supported by its financial advisor KPMG, and September is being considered as the horizon for the possible completion of the operation.
According to what has been reported by the Italian media 'ItaliaOggi', in this transaction and for competition reasons related to Dcoop, the Italian Bonifiche Ferraresi (BF) would assume the operational control of the Carapelli brand as a partner, while the Spanish Acesur would keep Bertolli.
If the operation is finally realized, a large group of olive oil with Spanish capital would be born, with a turnover exceeding 2.2 billion euros.
CCOO demands guarantees for employment and the Spanish industry
In this context, CCOO has demanded that the buyer of Deoleo guarantees stable and quality employment, as well as industrial roots in the territory, insisting on the need to prioritize projects with national capital and rejecting the entry of funds or rivals that may harm the reputation of the product or job security.
In addition, the general secretary of CCOO Industry of Andalusia, José Hurtado Quirós, has asked the Administration to activate the regulations on foreign investments to protect the productive capacity of the olive oil sector against speculative funds.