CVC frontrunner in bidding for Spain's Deoleo olive oil firm

LONDON/MADRID, April 8 Tue Apr 8, 2014 9:04am EDT

LONDON/MADRID, April 8 (Reuters) - British private equity fund CVC Capital Partners is the frontrunner in bidding for Spain's Deoleo - top global olive oil bottler - two banking sources said on Tuesday.

CVC was among several foreign funds that put in takeover bids last week for debt-burdened Deoleo. The company said all of the offers came in below its market capitalization at the time of around 486 million euros ($669 million).

Spain's government has said it would not block any foreign bids but has also signalled it does not want the company broken up by new investors. On Monday Treasury Minister Cristobal Montoro said the government was interested in investing in the firm but it was not clear whether it would help Spanish companies to prepare a rival bid. (Reporting by Claire Ruckin; Writing by Fiona Ortiz; Editing by Tracy Rucinski)

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