Dcoop and Acesur plan to acquire Deoleo — CNBC

In Spain, shares in Deoleo, the world’s largest olive oil producer, fell 17.8% after its Spanish competitors Dcoop and Acesur announced plans to acquire the company. Each of the two firms is set to receive a 50% stake in Deoleo, CNBC reports.

Share decline after the announcement

At the latest trading session, Deoleo shares were priced at €0.348. Despite the sharp decline on the day of the announcement, the company’s securities have risen by around 55% since the start of the year. CNBC attributes this, in particular, to more moderate olive oil prices, which supported Deoleo’s sales in the United States.

Dcoop said the deal aims to increase global consumption of olive oil and help farmers create value in the supply chain. CNBC contacted Deoleo for comment but had not received a response at the time of publication.

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Battle for Deoleo

Before the deal was announced, Deoleo had been at the center of a takeover battle between Dcoop and international companies, including from Italy, France and Australia. In August, Deoleo shares gained more than 20% after reports of this battle emerged. It was previously reported that Dcoop had offered €470 million, or about $545 million, for Deoleo.

Spain is one of the world’s leading olive oil producers and serves as a benchmark for global prices of the commodity. In recent years, olive oil supply and prices have fluctuated significantly because of climate change, water shortages, pests, plant diseases and poor harvests. Deoleo CEO Cristóbal Valdés told CNBC in July that, after the difficult 2022–2024 period, prices were stabilizing thanks to more favorable rainfall.