SPAIN: Olive oil group Deoleo receives "indicative" bids
Deoleo revealed potential takeover interest
Spain-based olive oil supplier Deoleo has revealed it has received "indicative" takeover offers for the business.
A spokesperson for Deoleo said "a small group" of suitors had made non-binding bids that were lower than the company's share price.
She refused to be drawn on the identity of the interested parties and said: "The process is still going on and as soon as there are any news we will communicate it to the [stock-market regulator] CNMV."
Earlier this month, Bloomberg, citing anonymous sources, reported private-equity firms Carlyle Group, CVC Capital Partners and PAI Partners were considering taking a majority stake in Deoleo, which sells olive oil under brands including Bertolli and Carbonell.
Deoleo saw sales and EBITDA fall in 2013. In a partial statement on its annual results, Deoleo generated EBITDA of EUR80m last year, compared to EUR88.2m a year ago.
The company unable to pass through an increase in raw material costs, which hit its profitability.
Sales hit EUR809m, against EUR828.8m in 2012. Deoleo focused less on supplying olive oil for own label last year.
The figures did not include net profit. Deoleo will report full financial results at the end of the month.
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