The largest olive oil seller has raised its prices by 23%. Competitors are vying for its business.

Shares of the world's largest producer and seller of olive oil—Spain's Deoleo—soared more than 23% on August 19 amid an intensifying battle for its takeover, according to CNBC. The stock hit a one-year high and posted its best gain since March 2022, the network notes.

The Spanish agri-food cooperative Dcoop has offered €470 million for Deoleo, thereby taking the lead in the takeover race,

according to the local newspaper El Economista, citing unnamed sources. Other players in this race include the Italian companies Coricelli, Bonifiche Ferraresi, and Newlat Food; the French company Lesieur; and the Australian company Cobram Estate Olive.

The deal has not yet been finalized, but it is in its final stages and was originally expected to close in September, the publication notes.

If the acquisition goes through, it will strengthen Spain's position in this strategic sector, according to CNBC. The result will be the creation of a new olive oil giant that will consolidate its brand portfolio and capture about 15% of the country's market.

Deoleo and Dcoop did not respond to the TV station's request for comment.

Along with Italy and Greece, Spain is among the world's largest producers of olive oil and serves as one of the key benchmarks for global prices, according to CNBC.

From season to season, they fluctuated sharply due to climate change, water shortages, and the spread of pests and diseases. However, in July, Deoleo stated that the period of high volatility had given way to more stable market conditions.

One analyst is tracking the company's stock and recommends buying it.

This article was AI-translated and verified by a human editor