SPAIN: PE firm CVC tables "best bid" for Deoleo
CVC was reported to have been one of four suitors for Carbonell owner Deoleo
Private-equity group CVC Capital Partners has made the best takeover for Deoleo, the Spanish olive oil group has said.
Deoleo, which sells olive oil under brands including Bertolli and Carbonell, said CVC had tabled a bid worth EUR0.38 a share for 100% of the business, said to value the company at around EUR439m (US$609m).
In a statement to the Spanish stock market, Deoleo said: "At this time, it is not yet possible to say whether an agreement will be reached or when."
Officials representing CVC could not be reached for comment as just-food went to press.
Deoleo said in February it had received "indicative" bids for the business. Earlier that month, Bloomberg, citing anonymous sources, reported private-equity firms Carlyle Group, CVC and PAI Partners were considering taking a majority stake in Deoleo.
Last month, Italian state investment bank The Fondo Strategico Italiano was reported to have made an offer for 30% of Deoleo.
Yesterday, The Financial Times reported Italian Prime Minister Matteo Renzi as saying the Spanish government had an "ideological aversion" to an Italian company taking control of Deoleo.
"If the English fund wins the deal, evidently the fund has made the best offer, but two days ago there appeared to be a kind of ideological aversion to having an Italian owner, which is unacceptable," Renzi was reported to have said.
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