SOS Corporacion Alimentaria and Portugal’s Sovena have remained coy about talks between the two companies after reports claimed the Portuguese firm was studying whether to invest in the Spanish olive-oil maker.

Reports in Spain suggested olive and vegetable-oil group Sovena, which exports to 70 countries and enjoys annual sales of over EUR760m (US$1.05bn), was interested in becoming a shareholder in SOS.

Earlier this week, Bertolli olive-oil maker SOS set out plans to raise almost EUR600m from a share offer to restructure its debt and expand the business.

Yesterday, Spanish daily Expansion claimed that Sovena was studying an investment worth EUR100m in SOS.

SOS said talks between the two sides to “explore possible avenues of collaboration or integration” had started when it sold 5,200 hectares of olive groves in Portugal to Sovena.

In a statement to the Spanish stock exchange, SOS said the talks had not, to date, led to “any agreement or specific event considered relevant for public dissemination”.

When contacted by just-food, a spokesperson for Sovena declined to comment on the talks.