Deoleo shares slump as Acesur, Dcoop agree €520 million takeover

MADRID, Nov 5 (Reuters) - Shares in Deoleo fell more than 19% on Thursday, heading for its worst day in more than six years, after Spanish olive oil producers Acesur and Dcoop agreed to buy the group at an enterprise value of €520 million ($586 million).

• The agreement covers about 92% of Deoleo Holding, the group's operating parent, and could extend to 100% if other shareholders join as sellers, Deoleo said in a filing to the stock market supervisor

• Closing of the deal still requires antitrust approval in Spain and the US, and foreign investment clearance in Italy, it added, as well as approval from Deoleo shareholders

• Ole Investments, which holds 56.96% of Deoleo, has committed to vote in favor, it said

• Deoleo said its 50.99% stake in Deoleo Holding could be worth between €190 million and €200 million in equity value, adding that the final amount would depend on net debt and working capital adjustments at closing

• The deal is also conditional on Japanese food group Mizkan not notifying, within two months of the announcement, that it intends to terminate any Bertolli brand licence due to the change of control

• The deal keeps the company under Spanish control, a concern the government in Madrid had previously raised

• Deoleo, the world's largest olive oil bottling and processing company and owner of the Carbonell and Bertolli brands, posted sales of €821 million in 2025, EBITDA of €50 million and net profit of €20 million

• Acesur, which produces brands such as La Española and Coosur, was advised by Latior Partners, Montero Aramburu, Regula and Deloitte. Dcoop, which brings together more than 75,000 farming families, was advised by Garrigues and EY($1 = 0.8880 euros)

(Reporting by David Latona; Editing by Louise Heavens, Joe Bavier and Xevi Fontdegloria)