The sale of Deoleo opens the door to consolidating a Spanish giant of oil

As of today (August 20, 2026), the process regarding Deoleo is in an advanced but not yet closed phase: the main shareholders have formally opened a process of “strategic options” that includes a possible total or partial sale, there is a significant offer from Dcoop that the press places in a preferred position, but the company has communicated to the CNMV that no definitive decision has been made and that the process “is currently ongoing.”

Current phase of the process

According to the article from Demócrata “Deoleo studies its sale and Dcoop appears as a possible buyer for 470 million euros” , the company itself has informed the CNMV that:

• It is evaluating “possible strategic alternatives” regarding its investment.
• Among these alternatives, “a possible sale” of all or part of its assets and businesses is not ruled out.
• The process is “currently ongoing”.
• As of the date of the statement, Deoleo does not know if this process will result in a concrete transaction nor, if so, under what terms.

Meanwhile, the economic press reports that the cooperative Dcoop has put forward a offer of 470 million euros for Deoleo, focused on the 57% of the capital currently controlled by CVC Capital Partners. That same article and another piece from Demócrata about the stock market reaction note that:

• The transaction would be in its final phase, under the coordination of the consultancy KPMG.
• September is considered as the horizon for the possible completion of the operation.

Additionally, it is pointed out that the fund CVC is finalizing the last details to exit Deoleo, and that, for competition reasons if Dcoop enters the capital, the industrial design of the operation could imply that Bonifiche Ferraresi (BF) would assume operational control of the brand Carapelli, while Acesur would keep Bertolli.

In summary, the current phase is that of an advanced competitive process, with a preferred buyer and indicative schedule, but without an official announcement of agreement or closing: there is a time window (September) and a relevant offer, but it remains a negotiation scenario.

Likely next steps

Based on the information published by Demócrata and other media cited in their articles, the most probable upcoming milestones are:

• Definition of the perimeter and structure of the operation: specifying which part of the capital is sold (at least 57% of CVC) and how assets and brands are divided (for example, the BF–Carapelli and Acesur–Bertolli scheme anticipated by the Italian press and reported by Demócrata).
• Agreement between CVC and the main buyer: if negotiations with Dcoop succeed, a framework purchase agreement for the controlling stake in Deoleo should be closed, likely coordinated by KPMG, which is the mentioned financial advisor.
• Official communication to the market: if an agreement is reached, a new material fact to the CNMV is expected from Deoleo and/or the selling shareholders detailing the essential terms (price, percentage of capital, schedule, and conditions).
• Reactions from other potential bidders: the press identifies other interested groups (Coricelli, Bonifiche Ferraresi, Newlat Food, Lesieur/Avril, Cobram Estate Olive). Depending on how the agreement with Dcoop is structured, they may:
  • Integrate into the final structure as partners in certain brands or geographies.
  • Or be displaced if the transaction closes exclusively.
• Compliance with indicative deadlines: information points to September as an approximate date to complete the operation. This timeline is not guaranteed but is the reference used by the sources cited by Demócrata.

Degree of certainty and margins for change

It is important to emphasize that, according to Deoleo’s own statement to the CNMV reproduced by Demócrata, nothing guarantees that the process will end in a sale, either total or partial. The company insists that:

• No definitive decision has been made by the controlling shareholders.
• It is not yet known whether the talks will result in a “concrete transaction” or under what conditions.

Therefore, the scenario most consistent with the available information is that of a transaction in the final negotiation phase, with a preferred buyer and tentative schedule, but still open and subject to change, including the possibility that the sale does not materialize or does so under terms different from those currently leaked.

If you want, in a subsequent response I can outline what each possible outcome (total sale, partial sale, or maintenance of the status quo) would imply for Deoleo, Dcoop, and the Spanish olive oil sector.

Dcoop is one of the most relevant agri-food cooperatives in Spain and an internationally recognized player, especially in the olive oil sector. Its main competencies combine the organization of production of its member cooperatives, industrial processing, marketing in national and international markets, and the promotion of sustainability and innovation projects that strengthen the rural fabric.

Main competencies and activities of Dcoop

On the production and industrial level, Dcoop acts as a second-tier cooperative that integrates numerous base cooperatives and coordinates several large activity sections:

• Olive growing (oil and table olives): this is its core. In 2025, the sections linked to olive growing (oil, table olives, oil mills, pomace, and valorization of olive by-products –VISO–) accounted for around 63 % of its turnover, with about 875.3 million euros, of which 723.1 million came from olive oil and 140.8 million from table olives, according to data collected by Demócrata.
• Wines: it has a viticulture section that in 2025 invoiced about 100 million euros, with exports of more than 120 million liters including bulk, bottled, and distillation, with relevant markets such as France, Portugal, or the Dominican Republic, according to Demócrata.
• Livestock and goat milk: it manages a livestock section and a goat milk industrialization line (reception plant in Antequera and cheese factory in Lebrija, in alliance with Eurial), which in 2025 reached about 34.7 million euros in turnover. The Andalusian Government has awarded Dcoop for building the first goat milk dairy plant in Spain, highlighting its circular economy and water and energy efficiency approach (Junta de Andalucía).
• Tree nuts: the cooperative has notably strengthened its commitment to almonds and pistachios. In 2025, it exported 3.489 million kilos of tree nuts, generating nearly 19 million euros and growing 15 % compared to the previous year, with Germany and Italy as main destinations.
• Cereals, citrus, and other products: it markets cereals, citrus fruits, goat milk, agricultural supplies, and other products. In citrus, a recent milestone was the purchase of the Zumosol plant in Palma del Río to boost an integrated citrus division, including both processing and the juice brand (Demócrata).
• Agricultural supplies and services: the supplies area (feed, fertilizers, inputs, etc.) reached about 148.1 million euros in 2025, becoming the group's second-largest section by turnover volume.

Besides these productive and industrial activities, Dcoop develops competencies in training, quality, and digitalization for its member cooperatives. It promotes projects such as “Claridad,” “Impulso,” “Cata Verde,” or “Almazara,” aimed at improving oil quality, technical decision-making, and the cleanliness and safety of operations, as well as “Training Wednesdays,” with weekly online sessions on food safety and digital tool management (Demócrata).

Role of Dcoop in the Spanish agri-food sector

Dcoop is described by specialized media as the world’s leading olive oil producer and is considered a driving cooperative for the Andalusian and Spanish agri-food sector. In 2025, the group closed the fiscal year with consolidated turnover in Spain of 1.421 billion euros, despite price declines, illustrating its economic weight.

Its role is articulated on several levels:

• Leadership in international markets: Dcoop channels a very significant part of Spanish exports of olive oil, table olives, wine, and tree nuts. In 2025 alone, its exports exceeded 697 million euros and 278.9 million kilos/liters/units, with presence in 82 countries and recent expansion to markets such as China, Indonesia, or Vietnam.
• Cooperative integration and rural structuring: as a large second-tier cooperative, it groups numerous base cooperatives (oil, citrus, livestock, etc.), allowing scale gains, improved bargaining power against large retailers, and maintaining added value in rural territories. The Andalusian Government has expressly recognized it for its contribution to the social economy and rural innovation.
• Innovation and sustainability: Dcoop promotes environmental certifications such as the “Sustainably Grown” seal from SCS Global Services, with 26 certified oil mills, and collaborates with the administration in workshops to encourage sustainable agronomic practices. This approach positions it as a reference in the transition to more sustainable production models in olive groves and other crops.
• Strategic player in corporate moves: its size allows participation in significant operations in the oil industry, such as its position in the US-based Pompeian or the repeated interest in a potential acquisition of Deoleo, which could give rise to a large Spanish capital oil group, with relevance in prices, quality, and fraud prevention.

In summary, Dcoop’s competencies cover the entire agri-food value chain – from production to international marketing and technical training – and its role in the Spanish sector is that of a major driving cooperative group, key to the competitiveness of olive oil and other products, the sustainability of traditional olive groves, and the consolidation of the social economy in rural areas.

In an acquisition operation like Deoleo's by Dcoop, approval in Spain does not depend on a single “permit,” but on a set of legal and regulatory requirements that are triggered depending on the size of the operation, the structure of the parties, and the affected sector (in this case, agri-food and consumer goods). The main blocks are as follows:

1. Merger control (CNMC and/or European Commission)

The central axis is the control of economic concentrations, whose objective is to prevent the operation from significantly restricting competition:

• Spanish scope (CNMC): the Competition Defense Law requires notification to the CNMC when:
  • A certain market share threshold is reached or exceeded in Spain or in a geographically definable market within Spain, or
  • Certain combined turnover thresholds of the parties in Spain are exceeded.
  While the operation is subject to mandatory notification, it cannot be executed (a “suspension” or standstill clause).
• EU scope (Merger Regulation): if the parties exceed the turnover thresholds established by EU law, the operation is notified to the European Commission instead of the CNMC. The competition analysis then moves to the EU level.
• Substantive criterion: the authority analyzes whether the concentration creates or strengthens a dominant position or constitutes a significant impediment to effective competition (SIEC). Market shares, market power, entry barriers, rivals’ capacity, purchasing power of large retailers, etc., are assessed.
• Conditions and remedies: if competition risks are detected, the operation may:
  • Be authorized with commitments (divestitures, brand transfers, supply agreements, access to infrastructure).
  • Be subjected to a second phase of deeper analysis.
  • In extreme cases, be prohibited, although this is rare.

2. Control of foreign investments and other public authorizations

Although we are talking about Spanish companies, many operations involve foreign partners or financing. Consider:

• Foreign investment regime: if any acquirer is controlled by investors outside the EU/EEA and the operation affects sensitive sectors (critical infrastructure, strategic food, key technology, etc.), prior authorization from the competent Ministry (currently Economy and Trade) may be required, according to the Spanish investment screening regime.
• Sectoral authorizations: in food and beverages, a specific license to acquire companies is usually not required, but compliance with:
  • Food safety regulations and official controls.
  • Rules on food contracting and value chain (Food Chain Law, AICA), especially if the negotiating power against agricultural suppliers is greatly strengthened.

3. Corporate, company law, and, if applicable, securities requirements

From the perspective of the involved companies, the following must be met:

• Internal approval:
  • Agreements of the governing body (management board in cooperatives, board of directors in capital companies).
  • In many operations, approval by the general meeting (or assembly of cooperative members), meeting statutory majorities and quorums.
• Publicity and registration:
  • Formalization in public deed before a notary.
  • Registration in the Commercial Registry and, if applicable, in specific registries (Cooperatives Registry, designations of origin, etc.).
• Stock market (if the target company is listed):
  • Compliance with mandatory takeover bid and transparency regulations (CNMV), if applicable.
  • Market information and, if applicable, prospectus or other informative document.

4. Other relevant legal obligations

• Labor law: compliance with business succession regulations and maintenance of workers’ rights; information and consultation with labor representatives when applicable.
• Data protection: if the operation involves significant transfer of customer or supplier databases, compliance with GDPR and LOPDGDD must be ensured (legal bases, information to data subjects, etc.).
• Anti-money laundering and beneficial ownership: identification of the beneficial ownership and communication to the Beneficial Ownership Registry, as well as compliance with anti-money laundering regulations in financial entities financing the acquisition.
• Contractual clauses and control of gun jumping: until competition authorization is received, the parties cannot effectively integrate their businesses (sensitive information exchange, commercial coordination, etc.). Purchase contracts usually include suspensive conditions linked to these authorizations.

Overall, for an operation like Deoleo–Dcoop to be approved, it must pass competition control (CNMC or European Commission) when thresholds are met, obtain the investment and sectoral authorizations that apply, have valid corporate agreements, comply with labor, registration, and compliance obligations, and avoid any premature execution before competition authorization.