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The Spanish government is open to an Italian olive-oil dynasty taking control of Deoleo SA, the world's largest maker of olive oil, according to three government officials familiar with the matter. The shift marks a notable reversal of Madrid's earlier stance, which had favoured a domestic Spanish buyer.
Spanish officials view the family behind Italy's Pietro Coricelli SpA as the best-positioned suitor for Deoleo, the people said, noting they were not authorized to discuss the bidding publicly. The development comes a month after Deoleo's private equity owners confirmed they were weighing a sale of the company, citing years of profit struggles.
Headquartered in Spain, Deoleo is a leading global producer of packaged olive oil, with a portfolio that includes well-known brands such as Bertolli, and plays a central role in international olive oil supply chains. A potential Italian acquisition would represent a cross-border consolidation move in a sector grappling with volatile harvests, rising production costs, and shifting consumer demand patterns.
Source: Bloomberg