The stock move comes amid reports<\/a> that Spanish agri-food cooperative group Dcoop has offered 470 million euros ($545 million) for Deoleo, taking the lead in a takeover battle that includes Italian, French and Australian firms.<\/p>\n The sale is not yet finalized, Spain’s El Economista newspaper reported, citing unnamed sources familiar with the matter, but it is said to be in its final phase, with a closing initially expected in September.<\/p>\n If completed, the sale would shore up Spain’s leadership in a strategic sector by creating a new olive oil giant that would encompass a range of brands and secure a roughly 15% share of national consumption. <\/p>\n Spokespeople for Dcoop and Deoleo were not immediately available to comment when contacted by CNBC.<\/p>\n Stock Chart IconStock chart icon Deoleo shares year-to-date.<\/p>\n Alongside Italy and Greece, Spain is one of the world’s leading producers of olive oil and a global reference for prices.<\/p>\n Prices of the precious commodity have swung dramatically from one season to the next, particularly as issues such as\u00a0climate change<\/a>,\u00a0water scarcity<\/a>\u00a0and\u00a0pest and disease<\/a>\u00a0pressures persist. <\/p>\n However, Deoleo \u2014the maker of household olive oil brands such as Bertolli and Carbonell \u2014 recently told<\/a> CNBC that a period of\u00a0unprecedented volatility<\/a>\u00a0has unequivocally given way to more stable market conditions.<\/p>\n This is a breaking news story. Please refresh for updates.<\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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