Italian PM Renzi backs Fondo Strategico bid for Deoleo
Italian prime minister Matteo Renzi has expressed his support of state-backed Fondo Strategico Italiano’s bid for Spanish olive oil company Deoleo, according to reports in the Italian press.
The asset, which is currently up for sale in an auction, is expected to fall into the hands of CVC Capital Partners, which made the highest bid at a price of €0.38 per share, valuing the listed firm at €439m.
Italy's Fondo Strategico, having already bought Carapelli and Sasso, had also tabled an offer for the firm, which has owned the Italian brand Bertolli since 2008.
According to Renzi, the Spanish firm had shown dedication not to fall into Italian hands, selecting the international buyout firm instead.
The deal has attracted the interest of Spanish politicians too, after it was suggested that the government take a stake in the company to avoid its break-up.
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