Spain’s largest dairy company Corporacion Alimentaria Penasanta (Capsa) has rejected a EUR300m (US$368.28m) takeover bid launched by compatriot food major Agrolimen, a company spokesman confirmed to just-food.

He said Capsa is not for sale and that the company plans to remain independent.

With a 13.5% market share, Capsa is Spain’s largest dairy firm ahead of rivals Ebro Puleva and Leche Pascual. Agrolimen teamed with investment partners Quercus and Ahorro Corporacion to launch the bid last week.

Agrolimen is a big consumer goods company with a large presence in the pet-food market