Spain Warms to Italian Bid for Olive-Oil Giant Deoleo

A clear shift in buyer preference

Three people familiar with the bidding say Spain is open to an Italian olive oil family taking the reins at Deoleo SA. That softens the tone set earlier, when Agriculture Minister Luis Planas told EFE that a Spanish buyer would be preferable. Officials view the family behind Spoleto-based Pietro Coricelli SpA as the front-runner, the people said. A government official added that the agriculture ministry "has said that this is a deal between private parties, involving companies and investment funds, that must abide by Spanish and European competition rules."

There are no obvious Spanish suitors with the financial heft to close a deal, according to the officials. Even so, another individual with knowledge of the process said interest has come from at least two Spanish companies.

The bids, owners and the business picture

Spanish media have reported that Coricelli has lifted its offer to €500 million for Deoleo. Representatives for Deoleo, whose brands include Bertolli, and for CVC Capital Partners, the controlling shareholder, would not comment. Coricelli also declined to comment.

On Aug. 19, Deoleo said its two principal shareholders were analyzing "strategic alternatives," including a sale. Last month, its private equity owners said they were weighing a sale of the world's largest olive‑oil producer. CVC has owned over half the company since 2014, during a period that included several restructurings, and Alchemy Partners also holds a significant stake.

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In 2025, revenue declined 18% to €821 million, which the company tied to a normalization of production alongside a recovery in consumption. Deoleo completed a refinancing early last year.

Policy guardrails and what to watch next

Officials said it is highly improbable the government would move to use legal mechanisms to stop a European acquirer, though one person noted Madrid could seek commitments on Spanish jobs or refining. Spain has intervened in other transactions recently - it acted when a Hungarian company sought to buy trainmaker Talgo SA, acquired a 10% stake in Telefonica SA after Saudi Arabia bought a similar share, and imposed terms on an Australian fund investing in Naturgy Energy Group SA.

Olive oil may be a small slice of Spain's economy, but it is vital in many rural regions and steeped in national identity. Spain produces about a third of the world's olive oil, with Italy in the next tier. Prices dropped in 2025 after several drought-hit seasons, so if Coricelli prevails, keep an eye on any promises around Spanish operations and how the new owner navigates softer pricing. That is what will shape margins and brand strength over time, not just headline bids.

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