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A takeover battle, where multiple buyers compete at the same time to acquire the same company, pushed shares of Spain's Deoleo more than 20% higher on Wednesday morning.
Deoleo is the world's largest olive oil bottler and marketer. A bottler does not grow olives. It sources commodity oil and packages it under brand names for retailers and food-service buyers.
Whoever acquires Deoleo gets those brand relationships and the dominant market position in a globally traded commodity. The contest was described as intensifying on Wednesday, with rivals circling the Spanish company.
Rivals, plural, signals at least two parties in play.
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