World’s largest olive oil company plummets 19% after rivals agree to takeover deal

Deoleo shares fell sharply after Spanish olive oil producers DCOOP and Acesur agreed to acquire the world’s largest olive oil company. The deal would give each buyer a 50% stake and create a larger regional group, further consolidating Spain’s position in the olive oil sector.

DCOOP said the aim is to increase olive oil consumption worldwide and help farmers create more value across the supply chain. Deoleo stock was down 19% on Thursday, despite being up about 55% since the start of the year as olive oil prices moderated and US sales improved; it had risen more than 20% on 19 August amid reports of a possible takeover battle.