Currently, there are two bids competing for Deoleo. Dcoop, the Spanish cooperative, which initially offered 460 million euros, and then increased its bid to 470 million euros, and Farmers Elite Global, a holding company based in Seville and owner in Spain of Aceites Abasa and in Italy of Coricelli, which has raised its proposal to 500 million euros.
The Italian government has decided to intervene in favour of Farmers Elite Global with the aim of boosting its purchase offer for Deoleo and facilitating the success of the operation. This move breaks with the neutrality stance that Giorgia Meloni's government had maintained until now and contrasts with the situation in Spain, where the central government has openly positioned itself in favour of the Andalusian cooperative DCoop.
The Spanish government has expressed its preference for the potential buyer of the oil company Deoleo, owner of brands such as Koipe, Carbonell, or Bertolli, to be a "Spanish entity" and to "preserve Spanish industrial interests." According to sources from the Ministry of Agriculture, Fisheries and Food (MAPA) to the EFE agency, the government considers that the sale process of the company is a "possible private transaction between companies and investment funds."
From the Ministry, they are monitoring the process as it affects the Spanish agri-food sector and Spain is the world's leading producer of olive oil, they argue that they would favour "an option that preserves Spanish industrial interests," while "the interests of the country's olive growers should be strictly respected."
Although there is pressure from the oil sector for the government to activate the 'anti-opas shield' to maintain the "Spanish-ness" of Deoleo, the truth is that with the current law it is very difficult to block the sale. Not only is olive oil not legally classified as a strategic sector, but Coricelli has been operating through a Spanish company based in Seville for years, so the Italian company argues that it is a national operation. Furthermore, the shield is designed for investors outside the EU, and only applies to Europeans in exceptional cases, and affects less than 500 M€ of the activity in Spain because the offer is for its unlisted subsidiary in the United Kingdom.
The operation is still not closed and it is expected that the final agreement will be finalised in the coming weeks. The acquisition would involve the purchase of 57% of the capital of Deoleo currently controlled by CVC Capital Partners.
The outcome of the bidding will determine who controls the packaging of olive oil and, by extension, will influence prices, quality, and commercial policies on supermarket shelves in Spain and other strategic markets.