SPAIN: Hojiblanca signs deal to buy Deoleo stake
Deoleo said the asset transfer will “enhance” the range and quality of its leading brands
Spanish olive oil cooperative Hojiblanca has agreed a deal to acquire a near 10% stake in local rival Deoleo.
The transaction, announced today (19 October), will see Hojiblanca take a 9.63% share in Deloeo, formerly Grupo SOS, in return for transferring ownership of its brand and Málaga bottling plant to its rival.
The deal will see Hojiblanca purchase Deoleo shares through a capital increase in kind, issued at a nominal value of EUR0.50.
Deoleo said the asset transfer will "enhance" the range and quality of its leading brands, while Hojiblanca said the deal will "strengthen" the global dominance of Spanish olive oil.
Deoleo is a world leader in the production and marketing of packaged olive oil with a 22% market share, it claims, thanks to the positioning of its Spanish brands Carbonell and Koipe, and Italian Bertolli, Carapelli and Sasso brands.
Hojiblanca is one of the largest olive oil cooperatives in Spain with revenues of EUR536m and annual olive oil production of 200,000 tonnes.
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