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00:02Shares of Diolio, the world's largest olive oil company, plunged nearly 18% Thursday
00:08after Spanish rivals Decoop and Asesur announced plans to acquire the company,
00:13according to CNBC. The two firms will each hold a 50% stake, creating a new olive oil giant.
00:21The announcement follows an international takeover battle involving companies from Italy,
00:25France, and Australia. Decoop reportedly previously offered $545 million for Diolio.
00:33The company's shares have gained around 55% this year as moderating olive oil prices helped boost
00:39U.S. sales. Olive oil prices have experienced volatility in recent years due to fluctuating
00:44supplies, climate change, water scarcity, and pests and disease. Diolio's CEO said in July that
00:51favorable rainfall had helped stabilize prices following a challenging period between 2022
00:56and 2024. Diolio has not responded to CNBC's comment at the time of publication.
01:03For all things money, visit Benzinga.com.
