Spain Reportedly Open to Italian Takeover of Olive Oil Giant Deoleo

The Spanish government is open to an acquisition of olive oil producer Deoleo SA by the Italian family that owns Pietro Coricelli SpA, according to a Bloomberg report citing three officials familiar with the matter. This development signals a potential path forward for the sale of the world's largest olive oil maker, which has struggled with profitability for years.

Bidding Heats Up

Deoleo's private equity owners announced last month they were exploring a sale of the company. Spanish officials now reportedly view the Spoleto-based Coricelli family as the best-positioned buyer to complete a deal, the sources, who were not authorized to speak publicly, told Bloomberg.

According to Spanish news outlets, the Coricelli family has submitted a bid of €500 million for Deoleo, an increase from a previous offer. While at least two Spanish companies have reportedly shown interest in an acquisition, no clear domestic bidder with the necessary financial strength has materialized, the people said.

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Shift in Government Stance

This apparent openness to a foreign buyer marks a shift from the government's previous public position. Spain's Agriculture Minister, Luis Planas, had previously told the EFE news agency that a Spanish buyer would be the preferable outcome for the strategically important company.

The lack of a viable domestic suitor appears to have softened the government's stance. A successful acquisition could provide a more stable ownership structure for Deoleo, a major global player in the olive oil market, after a prolonged period of financial difficulty under its current private equity ownership.