Spain’s Deoleo shares surge as olive oil maker draws takeover interest
Shares of Spain’s Deoleo jumped over 17% on Wednesday morning amid an intensifying takeover battle for the world’s largest olive oil bottler and marketer.
The stock move comes amid reports that Spanish agri-food cooperative group Dcoop has offered 470 million euros ($545 million) for Deoleo, taking the lead in a takeover battle that includes Italian, French and Australian firms.
Deoleo was not immediately available to comment when contacted by CNBC.
Deoleo shares year-to-date.
Alongside Italy and Greece, Spain is one of the world’s leading producers of olive oil and a global reference for prices.
Prices of the precious commodity have swung dramatically from one season to the next, particularly as issues such as climate change, water scarcity and pest and disease pressures persist. However, Deoleo —the maker of household olive oil brands such as Bertolli and Carbonell — recently told CNBC that a period of unprecedented volatility has unequivocally given way to more stable market conditions.
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