Deoleo bids range from €510 million to €530 million as Migasa and Coricelli alliance enters
Key Facts
Spain’s Migasa Group has joined forces with Italy’s Coricelli family group to submit a joint bid to buy Deoleo, according to a report published by Europa Press on 30 October 2026. The two companies submitted their proposal before the deadline for bids expired on the preceding Monday. The transaction is being pursued through Farmers Elite Global, a holding company based in Seville. The bid comes as part of a sale process that remains open, with Europa Press saying the alliance members are awaiting developments on their proposal. The agency, citing a Cinco Días report, said current bids for Deoleo range from €510 million to €530 million, without attributing that range solely to the alliance’s offer.
Farmers Elite Global includes companies from the Coricelli Group and serves as the Spanish holding company and global structure for the Italian family conglomerate, according to Europa Press. The structure places the joint bid within an entity registered in Seville, with Migasa participating in the proposal. The range of €510 million to €530 million was reported by the agency as the range of current bids for the company, not as a confirmed price for the Migasa and Coricelli offer specifically. In a separate report, Cinco Días described the value of the submitted bids as close to the enterprise value including debt. The information available here did not specify a final price or detailed financial terms for the joint bid.
Deoleo owns olive oil brands including Carbonell, Hojiblanca, Koipe and Bertolli, according to La Vanguardia. The newspaper said Coricelli aims, if the acquisition is completed, to integrate its businesses in Spain and Italy. This differs from stating an announced goal of increasing market share; the newspaper did not attribute such a goal to the alliance. As part of preparations for the sale, Deoleo filed a clarification with Spain’s securities market regulator on 19 August 2026 regarding press reports about corporate transactions. The company had filed its half-year financial information on 29 July 2026.
The bidding comes as Deoleo’s 2025 results showed adjusted revenue of €821 million and an 11% year-on-year increase in sales volume. Earnings before interest, taxes, depreciation and amortisation came to €50 million, up 50% from the previous year, while net profit reached €20 million, according to the company. Comparable net financial debt also fell 26% to €86 million at year-end. The leverage ratio declined from 3.5 times to 1.7 times earnings before interest, taxes, depreciation and amortisation. Chief Executive Cristóbal Valdés said the 2025 results were “concrete proof that the EVOO-lution roadmap is moving in the right direction.”
Valdés added that the company’s priority in 2026 is to “consolidate this growth,” in his comments on the previous year’s results. Regarding the bidding, Bloomberg reported on 18 September 2026, citing Spanish officials, that the government was open to the Coricelli family acquiring Deoleo and that officials viewed the family as the buyer best prepared to proceed. But a sale decision has not yet been made: Europa Press reported that the process is ongoing and the alliance is awaiting a response on its offer. Any agreement between the companies also remains subject to approval by Spain’s National Commission on Markets and Competition, the CNMC, according to La Vanguardia. The proposal therefore remains pending developments in the sale process and the necessary regulatory approval if an agreement is reached.