Madrid – Italian olive oil group Coricelli is pushing to acquire Deoleo as the battle for the Spanish company enters a decisive stage. Lorenzo Coricelli, president of Farmers Elite Global, has defended the group’s interest in taking control of the business.

Coricelli believes the acquisition would strengthen its presence in Spain. Moreover, he argues that keeping Deoleo together would be better than breaking up the company and selling its assets separately.

The Italian group has already increased its proposal to around €500 million. As a result, Coricelli is currently ahead of several Spanish bidders.

Coricelli Pushes to Acquire Deoleo

The battle for Deoleo has intensified in recent weeks. Coricelli is competing against major groups such as Dcoop, Acesur and Bonifiche Ferraresi.

According to reports, Coricelli’s proposal values the entire business at approximately €500 million. Meanwhile, Dcoop has offered around €470 million.

Acesur’s proposal is reportedly worth about €460 million. Therefore, Coricelli currently has the highest reported bid.

However, price is not the only factor. Regulatory approval could also play an important role in determining the winning bidder.

Coricelli Highlights Its Strong Links to Spain

Despite its Italian roots, Coricelli already has significant business connections with Spain.

The group operates through Spanish companies, including Aceites Gac and Aceites Exportaciones del Sur. The latter owns Aceites Abasa, which has a bottling facility in Córdoba.

Because of those investments, Lorenzo Coricelli has emphasized the group’s close relationship with Spain.

In fact, he described the company as being strongly connected to Spain despite the Coricelli family’s Italian origins. He also argued that breaking Deoleo into separate pieces would be unfortunate.

Deoleo Owns Major Olive Oil Brands

The possible acquisition is significant because Deoleo controls several internationally recognized olive oil brands.

Its portfolio includes Carbonell, Koipe, Hojiblanca, Bertolli and Carapelli. Moreover, the company has a strong international presence.

Deoleo generated around €820 million in revenue during 2025. By comparison, Coricelli recorded approximately €400 million in sales.

Therefore, buying Deoleo would represent a major expansion for Coricelli.

It would also reshape competition within the global olive oil industry.

Dcoop and Acesur Remain in the Race

Although Coricelli currently appears well positioned, the sale has not been completed.

Spanish cooperative Dcoop remains one of its main rivals. In addition, Acesur has submitted its own proposal.

Bonifiche Ferraresi is another bidder involved in the process. Consequently, Deoleo’s shareholders still have several alternatives to consider.

Alchemy and CVC are the main shareholders behind the sale process. Together, they control roughly 70% of the group structure involved in the transaction.

Competition Rules Could Influence the Deal

Regulatory considerations may also work in Coricelli’s favor.

Deoleo has an important market position in Spain and the United States. Therefore, competition authorities could closely examine any transaction involving another major player in those markets.

Reports indicate that Coricelli may face fewer competition obstacles than some Spanish bidders because its existing market position is more limited in key Deoleo markets.

Nevertheless, any final transaction would still require the necessary regulatory approvals.

In addition, Spain’s foreign investment rules have attracted attention as the bidding process progresses.

Deoleo Sale Heads Toward Decisive Stage

The bidding process is approaching an important deadline. Current plans indicate that offers will be assessed after the process closes on August 31.

Afterward, shareholders and advisers are expected to select the preferred proposal. Exclusive negotiations could then begin with the chosen bidder.

The transaction could potentially be signed by the end of September. However, obtaining all required approvals could take considerably longer.

For now, Coricelli’s bid for Deoleo remains a proposal rather than a completed acquisition.

Still, its €500 million offer places the Italian group in a strong position as one of Europe’s most important olive oil deals approaches its decisive phase.