Spain's Deoleo shares surged over 20% as Dcoop, an agri-food cooperative group, reportedly offered 470 million euros ($545 million) for Deoleo, putting it ahead in a multinational takeover race.
The news was well received by investors, pushing Deoleo's shares to a 52-week high.
If the deal is completed, it would create a new Spanish olive oil giant encompassing a range of brands and securing about 15% of national consumption.
Deoleo, the maker of well-known olive oil brands such as Bertolli and Carbonell, recently stated that stability is returning to the market.
