British venture capital group CVC Capital has lodged the highest takeover bid for Spanish bottled olive oil giant Deoleo, the Spanish firm said Wednesday.
CVC Capital had offered 0.38 euros a share, Deoleo said in a statement, a bid that values the entire firm at 439 million euros ($605 million).
"The best offer received was submitted by CVC Capital," Deoleo said.
"But for the moment it is not possible to confirm that an agreement will be reached nor when that might be."
Spain supplies about half of the world's olive oil and the government views Deoleo as a pivotal player in the export business.
The British takeover offer is well below Deoleo's closing price on Tuesday of 0.43 euros a share despite the stock having tumbled by 8.51 percent since the start of the year.
Deoleo shares fell another 1.16 percent to 0.425 euros in morning trade on Wednesday.
Budget Minister Cristobal Montoro said this week the government was interesting in buying a minority stake in the group, owner of emblematic Spanish brands such as Carbonell and Hojiblanca.
Last week, the government said it was worried about the entry of foreign investors.
"The Spanish government does not want Deoleo to be broken up," Agriculture Minister Miguel Arias Canete said, adding that the government was following developments closely.
Deoleo, which boasts it is the world number one in bottled olive oil, announced in November that it had chosen US investment bank JP Morgan to evaluate a change in its shareholder base.
Spanish banks Bankia, CaixaBank, Kutxabank and BMN aim to sell a combined 31.7-percent stake in the group.
Since the stake amounts to more than 30 percent of Deoleo, the buyer would be obliged to make a full takeover offer under Spanish stock market rules.
Deoleo, which reported a net profit of 20 million euros in 2013, also owns the Italian brands Bertolli and Carapelli.
The Spanish government says efficient cultivation techniques will enable the country to increase production capacity to nearly two million tonnes a year.
This season, Spain could export a record-breaking one million tonnes of olive oil, the agriculture minister said.
"We need very powerful companies and Deoleo can be at the vanguard of Spanish exports," he said.
British venture capital group CVC Capital has lodged the highest takeover bid for Spanish bottled olive oil giant Deoleo, the Spanish firm said Wednesday.
CVC Capital had offered 0.38 euros a share, Deoleo said in a statement, a bid that values the entire firm at 439 million euros ($605 million).
“The best offer received was submitted by CVC Capital,” Deoleo said.
“But for the moment it is not possible to confirm that an agreement will be reached nor when that might be.”
Spain supplies about half of the world’s olive oil and the government views Deoleo as a pivotal player in the export business.
The British takeover offer is well below Deoleo’s closing price on Tuesday of 0.43 euros a share despite the stock having tumbled by 8.51 percent since the start of the year.
Deoleo shares fell another 1.16 percent to 0.425 euros in morning trade on Wednesday.
Budget Minister Cristobal Montoro said this week the government was interesting in buying a minority stake in the group, owner of emblematic Spanish brands such as Carbonell and Hojiblanca.
Last week, the government said it was worried about the entry of foreign investors.
“The Spanish government does not want Deoleo to be broken up,” Agriculture Minister Miguel Arias Canete said, adding that the government was following developments closely.
Deoleo, which boasts it is the world number one in bottled olive oil, announced in November that it had chosen US investment bank JP Morgan to evaluate a change in its shareholder base.
Spanish banks Bankia, CaixaBank, Kutxabank and BMN aim to sell a combined 31.7-percent stake in the group.
Since the stake amounts to more than 30 percent of Deoleo, the buyer would be obliged to make a full takeover offer under Spanish stock market rules.
Deoleo, which reported a net profit of 20 million euros in 2013, also owns the Italian brands Bertolli and Carapelli.
The Spanish government says efficient cultivation techniques will enable the country to increase production capacity to nearly two million tonnes a year.
This season, Spain could export a record-breaking one million tonnes of olive oil, the agriculture minister said.
“We need very powerful companies and Deoleo can be at the vanguard of Spanish exports,” he said.
