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CVC acquires 29.99% stake in Spain’s Deoleo

28 Apr 2014

spain spanish flagPrivate equity firm CVC has bought a 29.99 per cent stake in Spanish bottled olive oil maker Deoleo and has made an offer for the rest of the company.

CVC has offered 38 euro cents per share for the remaining interest in Deoleo after buying stakes of 16.5 per cent, 8.64 per cent and 4.85 per cent from Bankia, Dcoop and Banco Mare Nostrum, respectively. The offer values the owner of the Bertolli brand at €439m.

The firm will also participate in a refinancing deal for the company, which currently has debts of around €500m.

CVC expects to buy a stake of over 50 per cent in Deoleo, according to a Reuters report.

Italian government backed fund Fondo Strategico Italiano also expressed interest in the company after four Spanish banks said they wanted to sell their 31 per cent stake.

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