Bottles of Spanish olive oil are displayed for sale at a Carrefour supermarket in Spain.
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Shares of Spain’s Deoleo jumped over 20% on Wednesday afternoon amid an intensifying takeover battle for the world’s largest olive oil bottler and marketer.
The stock move comes amid reports that Spanish agri-food cooperative group Dcoop has offered 470 million euros ($545 million) for Deoleo, taking the lead in a multinational takeover race that includes Italian, French and Australian firms.
The sale is not yet finalized, Spain’s El Economista newspaper reported Wednesday, citing unnamed sources familiar with the matter, but it is said to be in its final phase, with a closing initially expected in September.
If completed, the sale would shore up Spain’s leadership in a strategic sector by creating a new olive oil giant that would encompass a range of brands and secure a roughly 15% share of national consumption.
The report indicates that Dcoop is now in pole position to secure the takeover of Deoleo, leading the likes of Italian companies Coricelli, Bonifiche Ferraresi and Newlat Food, French firm Lesieur (Avril), and Australia’s Cobram Estate Olive.
Deoleo declined to comment. A spokesperson for Dcoop was not immediately available to comment when contacted by CNBC.
Shares of Deoleo were last seen trading 20.5% higher, notching a fresh 52-week high and on track for its best day since March 2022.
Deoleo shares year-to-date.
Alongside Italy and Greece, Spain is one of the world’s leading producers of olive oil and a global reference for prices.
Prices of the precious commodity have swung dramatically from one season to the next, particularly as issues such as climate change, water scarcity and pest and disease pressures persist.
However, Deoleo —the maker of household olive oil brands such as Bertolli and Carbonell — recently told CNBC that a period of unprecedented volatility has unequivocally given way to more stable market conditions.
