Spanish olive oil producer Deoleo has agreed to sell its business to competitors Dcoop and Acesur.
Under the terms of the deal, Dcoop and Acesur are to each own 50% of Deoleo Holding.
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In a stock-exchange filing today (5 November), Deoleo CEO Cristóbal Valdés confirmed the company had agreed a deal to divest an aggregate 91.99% stake in its core subsidiary Deoleo Holding.
Other shareholders in Deoleo Holding are expected to agree to the transaction, the filing added, which could lift the stake being sold to 100%.
The transaction values the owner of the Carbonell and Bertolli brands at €520m ($584.5m).
Madrid-headquartered Deoleo operates factories in Spain and Italy. Its annual sales stand at more than €800m.
The Dcoop co-operative claims to be the world’s largest producer of olive oil. According to Dcoop’s website, its olive-oil business turns over €600m a year. The co-op also has interests in livestock, cereals and wine.
Family-owned Acesur, headquartered in Seville, has factories across Spain. The company, which owns the La Espanola olive-oil brand, also has a presence in European countries such as the UK, France and the Baltic states, as well as the US and China. The group reportedly saw its sales drop by more than a quarter last year to €1.11bn.
In a joint statement, Dcoop and Acesur said the acquisition of Deoleo would “help strengthen the entire value chain, creating new opportunities for producers, supporting the economic sustainability of olive growing and helping new generations to find a future in the sector”.
The deal still needs several approvals to cross the finish line.
Anti-trust clearance is required in Spain and the US, along with foreign direct investment authorisation in Italy. Deoleo expects the regulatory process to take “six to eight months”.
The deal is also contingent on approval from Deoleo’s general shareholders’ meeting. Majority shareholder CVC Capital Partners, which holds a 56.96% stake in the publicly-listed Deoleo, has already entered into an “irrevocable undertaking” to vote in favour of the transaction, the filing said.
Another condition centres on a trademark clause involving Japanese food group Mizkan. The transaction could be derailed if Mizkan notifies Deoleo in writing within two months to terminate any of the Bertolli trademark licence agreements as a result of the change in control.
The proposed takeover comes three months after Deoleo said its two-biggest investors were reviewing their shareholdings in the world’s largest olive-oil producer.
According to today’s filing, the Dcoop-Acesur was chosen on price, a “lower execution risk” compared to other offers and the expected timetable. Deoleo said the offer is “fully funded” and subject to a “limited number of conditions precedent”.
Madrid-headquartered Deoleo operates factories in Spain and Italy.
The company’s first-half revenue dropped 8.7% year-over-year to €393.2m. However, net profit surged to €19.4m from €1.7m in the prior year period as it recorded “positive momentum” across key markets.
In 2025, Deoleo’s sales totalled €821m, with an EBITDA of €50m and a net profit of €20m.
“We want families who have been involved in olive growing for generations to be able to continue making a living from it and to offer a promising future to the next generations of farmers. Increasing global consumption of olive oil is also an opportunity to strengthen our rural communities and our villages,” Dcoop president Antonio Luque said.
