Coricelli offers 500 million euros for Deoleo to outbid Spanish competitors

Competing bids for Deoleo

Italian olive oil company Pietro Coricelli submitted a 500 million euro bid on 15 August to acquire Deoleo, topping offers presented by Spanish competitors. The proposal surpassed a 470 million euro offer from Malaga-based cooperative Dcoop and a 460 million euro bid from Seville-based producer Acesur. Coricelli delivered the revised counteroffer during the Italian Ferragosto holiday, roughly one week after receiving notification of its exclusion from transaction advisors KPMG and William Blair. Alongside the revised valuation, Coricelli requested exclusive negotiating rights to complete the purchase of the company behind brands such as Carbonell, Bertolli, Carapelli and Koipe. Both Spanish bidders have existing links to the target, as Acesur acquired a stake near 5% in Deoleo in 2020, while Dcoop held prior ties during Deoleo's era under Ebro Foods.

Seville holding company and regulatory scrutiny

Coricelli presented its acquisition offer through Farmers Elite Global, a Seville-registered entity that serves as the Coricelli group's global holding company. Founded in Cordoba in 2015 before relocating to Seville in 2017, the holding is directed by Lorenzo Coricelli. In 2025, Farmers Elite Global recorded 15.5 million euros in revenue, nearly double the previous year, with net profits rising from 2.6 million euros to almost 6 million euros. Using a Spanish-domiciled vehicle allows the buyer to navigate Spain's foreign investment screening mechanism, enacted in 2020 to supervise acquisitions of 10% or more in domestic strategic assets. While the rule was drafted for energy, transport and telecommunications, the government retains discretion over other sectors, prompting calls from regional labour groups to protect the domestic olive supply chain.

Activate foreign investment regulations to shield the olive sector's productive capacity from speculative funds.

Shareholder stakes and transaction timeline

The transaction involves the majority holdings of British private equity firm CVC, which owns 50.9% of Deoleo, and Alchemy, which holds 40.3%. Both investment funds notified the National Securities Market Commission (CNMV) that they are assessing strategic options, including the potential sale of all or part of their assets and businesses. On 19 August, Deoleo issued a regulatory filing stating that no definitive decision had been taken and that it remained uncertain whether the ongoing process would lead to a transaction. The controlling funds plan to conclude the divestment process in September.

Industry scale and valuation dynamics

Spain produces nearly 50% of the global olive oil harvest, dominating production, bottling and distribution, but Italian firms maintain higher margins abroad. Olive oil sold under Italian brands commands export prices roughly 20% higher in international markets such as the United States. The domestic contenders hold larger revenue bases than their Italian rival: Acesur reports annual revenue exceeding 1.1 billion euros, and Dcoop generates 900 million euros in its olive division alone, compared to Coricelli's global sales of approximately 400 million euros. News of the competing bids caused Deoleo shares to gain 25.14% on Wednesday, 19 August, before retreating 2.08% to 0.47 euros per share at 12:38 on Friday, 21 August.