Edison cooking oil subsidiary Cereol said yesterday [Tuesday] it will sell its olive oil unit, Carapalli, for €101m (US$94m).

The buyer is a group of Italian equity funds led by B&S Private Equity Group, and including the fund management group Arca and local bank Monte dei Paschi di Siena. The deal will be closed early next month, and is intended to enable Cereol to focus more keenly on its core cooking oils business.