MADRID, April 25 Spanish olive cooperative Dcoop
is in talks to sell its 9.65 percent stake in global olive oil
leader Deoleo to private equity firm CVC, which is in the
process of taking over Deoleo, a spokesman said on
The timing or terms of the sale have not been agreed, said
the spokesman, who asked not to be named.
British-based CVC has reached an agreement to buy 21 percent
of Deoleo from Bankia and Banco Mare Nostrum, and
plans to reach 30 percent ownership through a capital hike,
followed by a buyout offer for the whole company.
Deoleo sells one fifth of the world's bottled olive oil and
owns three of the top four brands, Spain's Carbonell and Italy's
Bertolli and Carapelli.
Three banks with stakes in Deoleo, Unicaja, Caixabank
and Kutxabank, have decided to maintain their
investments in the company.
The takeover of Deoleo has taken on political dimensions in
Spain, the world's leading olive oil producer, after the
government showed concern that a state fund from rival olive
producer Italy might end up controlling the company.
Government ministers have said the state has not ruled out
taking a stake in Deoleo to keep a measure of influence in the
Spanish media reported this week that the State Society of
Industrial Participations (known by its Spanish-language acronym
SEPI) was going to buy the Dcoop stake in Deoleo, but the Dcoop
spokesman said that the government has not made it any offer.
"What I want to make clear is that SEPI has not been in
touch with us," the spokesman said.
(Reporting by Fiona Ortiz; Editing by Julien Toyer)