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Farmers Elite Global, a Spanish olive oil company controlled by the Italian Coricelli family from Umbria, is on the verge of acquiring Deoleo, the Spanish multinational recognised as the world's leading olive oil producer. Deoleo's portfolio includes several historic brands of the Italian olive oil tradition, notably Carapelli, Bertolli, and Sasso.
Negotiations to take Deoleo off the hands of its two investment fund owners, CVC Capital Partners (which holds a stake of more than 50 per cent) and Alchemy Partners, are still in progress. In recent weeks, however, the conditions for a breakthrough have come together. Farmers Elite tabled its €500 million bid this summer, surpassing the initial €460 million offer submitted by Spanish olive oil cooperative giant Dcoop, working in partnership with Italian firm BF and another Umbrian olive oil industrialist, Farchioni. For context, Dcoop generates turnover of more than €1.6 billion, while Deoleo posted €821 million in revenue in 2025.
Deoleo's brand portfolio extends well beyond the Italian heritage labels, encompassing established international names such as Spain's Carbonell, Hojiblanca, and Koipe, as well as widely distributed mass-market brands including Friol and Maya. The group also maintains a presence in the broader cooking fats segment.
Two recent developments could unblock the transaction. First, Antonio Luque, chief negotiator for Dcoop, told the Spanish press that he rules out submitting a revised bid, given that the deadline for a new offer has passed. The only bids currently on the table are the €500 million submitted by Lorenzo Coricelli on behalf of Farmers Elite and the lower €450 million offer from Spanish rival Acesur.
Second, the prospect of a Spanish government veto, which had cast a shadow over the entire operation, appears to be receding. Madrid retains the option to invoke such a veto on transactions of particular national significance, an instrument it recently used when blocking the acquisition of 10 per cent stakes in Telefónica SA by a Hungarian company and an Arab investor.
Iberian media have repeatedly suggested in recent months that the Italian-led Farmers Elite is in pole position, while expressing hope that a domestic buyer would emerge. In practice, two Spanish players entered the process: Dcoop, which withdrew, and Acesur, whose bid came in well below Farmers Elite's.
According to Bloomberg, citing three government officials briefed on the matter, 'The Spanish government is in favour of the idea that an Italian family involved in the olive oil sector should take control of the local producer Deoleo SA.' The same officials added that, while the authorities still state a preference for a local buyer, they now regard the family behind Pietro Coricelli Spa as the best-placed candidate to take Deoleo over.
The Coricelli family has not issued any official comment. The only statement to emerge suggests that, should the acquisition go through, it would represent a major European transaction to take over a Spanish group whose portfolio brings together leading names of the Italian olive oil tradition and iconic labels of the Spanish olive oil industry.
Source: Il Sole 24 ORE