Spain’s Snap Election Complicates Sale of Olive Oil Giant Deoleo

Spanish Prime Minister Pedro Sánchez’s decision to call a snap election for November 29 has complicated the sale of Deoleo, the world’s largest olive oil bottler and seller.

With elections approaching, it may be difficult to move forward.– Antonio Luque, president of DCoop

According to the European Policy Center, a think tank, the Socialist leader hopes to turn the parliamentary defeat of two emergency housing decrees, following nationwide protests over housing, into electoral momentum and secure an outright majority.

However, an unintended consequence of Sánchez’s decision could be to undermine efforts by two Spanish companies bidding to acquire Deoleo.

Deoleo, which owns the Carbonell, Bertolli, Carapelli, Koipe and Maestros de Hojiblanca brands, is majority-owned by CVC Capital Partners. The Jersey-based private equity firm controls approximately 57 percent of Deoleo S.A., which operates through several subsidiaries.

Italian family-owned olive oil company Coricelli Group is the leading bidder for CVC Capital Partners’ stake, offering €500 million.

However, DCoop, Spain’s largest olive oil producer, and Acesur had hoped the government would invoke a so-called anti-takeover shield to favor Spanish buyers before the October 26 deadline.

DCoop initially offered €470 million for CVC Capital Partners’ stake and has so far declined to raise its bid. Acesur has offered approximately €460 million.

The government initially expressed interest in returning Deoleo to Spanish ownership. Madrid set a precedent when it blocked a group of Hungarian investors from acquiring train manufacturer Talgo, citing the protection of Spanish business interests and national security.

“The government’s position would be in favor of the potential acquirer being a Spanish entity, within the framework of the current legal framework and compliance with market conditions,” government sources told Economía Digital in August.

However, the government later acknowledged that Coricelli Group had submitted the most competitive bid and that no clear Spanish alternative existed.

With elections now scheduled for late November, the government may not have enough time to invoke a mechanism similar to the one used in the Talgo case.

CVC Capital Partners has not publicly commented on the sale, with the bidding deadline approaching at the end of October.

“The truth is, it’s unclear whether the government and the ministry still have time to act,” DCoop president Antonio Luque told Agropopular. “With elections approaching, it may be difficult to move forward.”

“Clearly, one bidder appears to be ahead of the other,” he added. “What we’ve always said is that our main concern is for Deoleo to be acquired by a company that values and continues to defend quality, rather than getting involved in what I would call other complicated dealings.”

Coricelli Group, which recently opened a new facility in Spoleto, Italy, reported annual turnover of €400 million in the 2025 fiscal year, selling more than 78 million liters of olive oil under its Pietro Coricelli and Olio Cirio brands.

Meanwhile, DCoop is exploring alternative acquisitions, including Pompeian, a United States-based olive oil producer and bottler. However, Economía Digital reported that the Spanish cooperative remains focused on acquiring Deoleo.

“I believe there is still a lot that can be done. We’ll have to wait and see,” Luque said. “I think we’re already at kilometer 35 or 36 of the marathon [which is 42 kilometers], so the finish line is getting closer. Let’s see what happens.”