Deoleo sale enters final stage as three olive oil groups submit offers near 500M€

Coricelli, Dcoop and Acesur have submitted binding proposals for the Spanish olive oil group. Deoleo's shares have nearly doubled in value this year, although they remain well below their August peak.

The sale of Deoleo has entered its final stage after three major olive oil groups submitted binding acquisition offers valued at approximately 500M€, including debt. Italian-owned Coricelli and Spanish groups Dcoop and Acesur are competing to acquire one of the world's largest branded olive oil businesses, whose portfolio includes Bertolli, Carbonell, Carapelli and Koipe.

According to Spanish financial newspaper Cinco Días, the deadline for submitting final proposals expired on Monday, 26 October. The board of Deoleo UK, the holding company controlling the group's operating businesses, is expected to review the offers later this week and decide whether to enter exclusive negotiations with one of the candidates or seek further clarification.

The three bidders have reportedly converged around similar valuations, making the conditions attached to each proposal increasingly important. Coricelli, bidding through Farmers Elite Global, had previously established an advantage with a higher financial offer and potentially fewer competition concerns. Dcoop and Acesur have since matched its proposed valuation, keeping the outcome uncertain.

The sellers, investment funds CVC and Alchemy, are also seeking guarantees concerning the future of Deoleo's industrial operations and brands. Maintaining production at the Alcolea packaging facility in Córdoba and preserving the group's brand portfolio are understood to be central conditions. Bertolli is particularly valuable because of its established position in the United States, one of Deoleo's most important international markets.

Deoleo shares have nearly doubled in 2026

The acquisition process has already had a substantial impact on Deoleo's stock market performance. Shares in the Madrid-listed company closed at 0.355€ on Monday, 26 October, giving Deoleo SA a market capitalisation of approximately 177.5M€. The stock has gained around 97% since the beginning of 2026, reflecting both improved financial performance and growing expectations of a corporate transaction.

Much of the speculation surrounding the sale was reflected in share prices during August. On 19 August, Deoleo shares surged 23.78% in a single session, closing at 0.458€ after reports emerged of a potential acquisition by Dcoop. The following day, the stock reached an intraday high of 0.498€.

However, the subsequent performance has been considerably less positive. At Monday's closing price, Deoleo shares were approximately 29% below that August high, despite the acquisition process progressing towards its final stage.

The contrast is significant. Investors initially responded enthusiastically to the prospect of a sale, but the subsequent retreat suggests that the market has become more cautious about the transaction's eventual terms and the value that may reach shareholders.

There is also an important distinction between the reported 500M€ acquisition valuation and Deoleo's stock market capitalisation. The offers concern the operating group controlled through Deoleo UK, while the quoted amount represents enterprise value, including debt. Deoleo SA is an indirect shareholder within a more complex corporate structure. The 500M€ figure therefore cannot be interpreted as a direct valuation of the listed shares or translated into a simple acquisition price per share.

The transaction also raises questions for investors affected by Deoleo's 2020 financial restructuring. Compensation warrants issued during that process have a reported activation threshold of 575M€. A transaction completed at the currently reported valuation would fall below that level, potentially leaving those instruments without a payout.

A more profitable business attracting buyers

Deoleo's improved financial position helps explain the interest from major industry operators. In the first half of 2026, the group reported 393.2M€ in revenue, down 8.7% from the previous year, while EBITDA increased 51.5% to 32.9M€. Net profit reached 19.4M€, although the results benefited from exceptional items, including the recovery of US tariffs. On a comparable basis, EBITDA growth was 23%.

These figures suggest that Deoleo has been able to improve profitability despite lower revenue and slightly declining sales volumes. The group's international distribution network, established consumer brands and position in higher-margin markets are likely to remain important considerations for any potential buyer.

The consequences of the acquisition could extend well beyond Deoleo itself. Each bidder has a different position within the olive oil supply chain, and the eventual combination could alter relationships between producers, packaging companies, distributors and retailers. Competition authorities may also have a significant role, particularly where the businesses overlap in international markets.

For now, the immediate decision rests with Deoleo UK's board. The sellers are reportedly seeking to complete the transaction before the end of 2026, although no buyer has been selected and the final terms remain unresolved.

The next stage will determine not only who controls some of the world's best-known olive oil brands, but also how much of the reported transaction value ultimately reaches the company's shareholders.