Chilean food company Watt’s is reportedly buying the Chef and Cristal olive oil brands from the Chilean unit of Unilever Bestfoods, part of Anglo-Dutch consumer goods giant Unilever.

The US$10.5m acquisition will lead to Watt’s becoming the leading player in the domestic olive oil market, with a 35% market share, reported El Diario.

Watt’s, whose sales are expected to increase to $20m, already owns the Belmot and La Reina olive oil brands.

Guillermo Correa, general director of the Chilean unit of Unilever Bestfoods, said the disposal was part of the company’s strategy of focusing on core brands.