Deoleo rises as Spanish press reports food firms' interest in buying co

Deoleo SA

05/06/2023 09:53

** Shares in Spanish olive oil producer Deoleo  OLEO.MC 
jump more than 8% after local media reported food firms Acesur,
Dcoop and Borges have shown interest in buying the company
    ** "This translates in positive terms for the stock,
although I believe that the sale will be complicated after the
company's restructuring process," IG analyst Diego Morin says
    ** Deoleo was not immediately available for comment
    ** About 2.5 million shares of the company have traded so
far on Monday, more than 1,000% of their 30-day moving average
full-day volume
    ** Morin notes the war in Ukraine has positively impacted
the stock, as the countries involved produce slightly more than
75% of sunflower oil and "reduction in supply due to the export
ban makes a rotation towards olive oil as substitute goods"
    ** Including Monday's rise, the stock has gained nearly 27%
YTD

 (Reporting by Matteo Allievi)
 ((matteo.allievi@thomsonreuters.com))