Immigration Crisis Triggers Mutual Border Checks Between Italy and Spain
Driven by the surge in migrants from the Ceuta region in North Africa, the Italian government has altered its plan to reassess the suspension of the Schengen Agreement on August 15, citing potential security and terrorism risks. Rome believes that migrants entering Spain are highly likely to transit into other EU countries, including Italy, and has therefore decided to reinstate border checks for non-EU citizens arriving from Spain. In response, the Spanish government condemned the unilateral action as a breach of the EU’s free movement principle and swiftly implemented countermeasures, applying reciprocal border screenings on travelers arriving from Italy.
Italian Firm Raises Bid for Spanish Olive Oil Giant
Beyond border frictions at the national level, commercial competition between the two countries is equally fierce. The battle for control over the Spanish olive oil giant Deoleo is reaching a fever pitch. Italian olive oil producer Coricelli recently made a sudden move, significantly raising its acquisition offer to 500 million euros. This figure not only surpasses the previous 460 million euro bid made by the Andalusian cooperative Dcoop but also outbids another competitor, Acesur.
Deoleo has officially submitted documents to the Spanish National Securities Market Commission (CNMV), confirming that its controlling shareholders, CVC and Alchemy, are evaluating the feasibility of selling their stakes. According to insiders, if negotiations proceed smoothly, Coricelli is expected to sign an exclusive acquisition agreement in the near future.
Target Company Shows Strong Financials and Brand Value
As a globally renowned olive oil company, Deoleo’s portfolio includes core international brands such as Bertolli, Carapelli, Carbonell, and Koipe, boasting particular strength in the North American market. The latest financial data shows that Deoleo achieved a revenue of 393.2 million euros in the first half of 2026. Although revenue fell by 8.7% year-on-year due to fluctuations in sales volume and prices, its net profit experienced a nearly tenfold year-on-year increase, reaching 19.4 million euros, benefiting from US export tariff refund policies. Additionally, its EBITDA surged by 51.5% to 32.9 million euros, and net financial debt was successfully reduced to 85.46 million euros. These solid financial restructuring results have made it a focal point in the capital markets once again.
The Battle for Dominance in European Agri-Food
Coricelli, the initiator of this aggressive acquisition, was founded in 1939 and is currently led by third-generation family member Chiara Coricelli as President and CEO. Over the past five years, the company’s turnover has skyrocketed from 100 million euros to approximately 400 million euros. In terms of international market expansion, the US accounts for over 40% of its total exports; in 2025, its export revenue reached 226 million euros, jumping from 36% to over 58% of total revenue. In the domestic Italian market, Coricelli also holds over a 12% share of extra virgin olive oil in major retail channels.
To further consolidate its industry position, Coricelli has invested over 13 million euros in recent years to upgrade production capacity, optimize logistics, and promote a green transition. Currently, alongside Coricelli and Dcoop, Acesur, which owns brands like Coosur, also remains in the bidding race. Market analysts point out that this M&A deal, expected to conclude in the coming weeks, goes beyond the control of a single enterprise. It essentially reflects the broader struggle for influence in the European agri-food supply chain between Spain and Italy, two traditional olive oil powerhouses.
