The joint purchase will leave DCOOP and Acesur each holding a 50% stake in Deoleo, forming a massive entity within the global edible oils market. Although the stock fell heavily upon the announcement, the company's valuation had previously surged over 20% on August 19 when takeover rumors first emerged. Even with the single-day contraction, the firm maintains strong year-to-date performance supported by moderating consumer prices. This price stabilization has notably boosted product shipments and sales figures across the United States.
Key points
The joint acquisition consolidates Spain's dominant market position in the global olive o…: The joint acquisition consolidates Spain's dominant market position in the global olive oil trade under a major new combined industry leader.
The buying consortium explicitly designed the transaction to elevate international consum…: The buying consortium explicitly designed the transaction to elevate international consumer demand and generate sustained economic value for olive farmers.
Thursday's sharp sell-off unwound speculative market premiums that had previously pushed…: Thursday's sharp sell-off unwound speculative market premiums that had previously pushed Deoleo shares up over 20% when takeover talks surfaced in August.
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Shares of Deoleo, the world's largest olive oil company, plummeted Thursday after two rivals announced plans to acquire the company, a deal that would further consolidate Spain's dominance in the sector.
Spanish olive oil firms DCOOP and Acesur will each hold a 50% stake in the company, resulting in a new olive oil giant in the region.
The deal is intended to boost olive oil consumption worldwide and support farmers in creating value through the supply chain, DCOOP said in an announcement.
Deoleo was last trading down 19%. However the stock is up around 55% since the beginning of the year as it's benefited from a moderation in olive oil prices that has helped lift U.S. sales.
The stock gained over 20% on Aug. 19 when news of a potential takeover battle emerged.
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