World's largest olive oil company pops 17% as rivals circle in takeover battle

Spain's Deoleo shares surge as olive oil maker draws takeover interest Skip Navigation Markets Business Investing Tech Politics & Policy Video Watchlist Investing Club PRO Livestream Menu Key Points The stock move comes amid reports that Spanish agri-food cooperative group Dcoop has offered 470 million euros ($545 million) for Deoleo. In this article SC5A-FF Follow your favorite stocks CREATE FREE ACCOUNT Shares of Spain's Deoleo jumped over 17% on Wednesday morning amid an intensifying takeover battle for the world's largest olive oil bottler and marketer. The stock move comes amid reports 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. Deoleo was not immediately available to comment when contacted by CNBC. Stock Chart Icon Stock chart icon Deoleo shares year-to-date. Alongside Italy and Greece, Spain is one of the world's leading producers of olive oil and a global reference for prices. Prices of the precious commodity have swung dramatically from one season to the next, particularly as issues such as climate change , water scarcity and pest and disease pressures persist. However, Deoleo —the maker of household olive oil brands such as Bertolli and Carbonell — recently told CNBC that a period of unprecedented volatility has unequivocally given way to more stable market conditions. This is a breaking news story, please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.