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Spanish farmers protest for Deoleo sale to CVC Partners

The offer of CVC Partners was too tempting because the banks could refuse, despite the ill-concealed moans coming from Dcoop and the major associations

There have been protests after the board of Deoleo, which owns brands Carapelli , Bertolli and Sasso, has given the green light to the acquisition of the company by the British fund CVC Capital Partners.

The item most hostile to climb Made in the UK has certainly been one of Dcoop.
Dcoop, even at the last minute during a fiery board of directors, has attempted to oppose the acquisition by CVC offering to buy shares in the hands of three banks, Caixa, Kutxa and Unicaja, 12% and going up to 22% .
The participation would have been equivalent to that of CVC which Bankia and Bmn have opened their doors, offering 20% in their hands.

Such a situation , however, would have resulted in a de facto stalemate management, that all lenders wanted to avoid.

With the purchase of the shares in Bankia and Bmn, CVC would rise to 20%, and by means of a capital increase, to 29.9 , thereby launching a takeover bid on the entire societ .

Following the takeover bid should be a further capital increase and at this stage, in order to safeguard national interests, could also intervene Sepi, or the bottom of the Spanish sovereign .

Meanwhile the banks are celebrating, not only for the generous offer of € 0.38 per share , but especially for the opening of a credit line Deoleo by the same CVC, for 500 million euro, which effectively cancels exposure on the Iberian banking giant olive oil, Dcoop ponders new strategies not excluding the sale of its 10%, thus acquiring capital for new operations.

Meanwhile, in operation now over, the three associations Olive oil Spanish Asaja, COAG and UP , have asked CVC investments to boost the image of the brands possess Deoleo and the Spanish Government to acquire a stake in the company to have a voice institutional board of directors.

by S. C.
05 may 2014, Food & Fun > Business

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