American agribusiness company Cargill has agreed to divest 50% stake in Spanish olive oil business Mercaóleo to its joint venture partner Dcoop.
The financial terms of the transaction have not been disclosed.
Established in 2007, Mercaóleo is a 50:50 joint venture between Cargill and Dcoop. It includes the olive oil bottling plant at Antequera, near Malaga that provides private label bottling products.
Cargill will however continue to exclusively distribute bottled private label olive oil for some retail markets in Europe, under a mutual supply and distribution agreement with Dcoop.
Dcoop president José Moreno said: "This joint venture has provided a strong foundation and we are now looking forward to developing our growth and continuing to offer high quality olive oil products to customers around the world."
Cargill Europe Food Ingredients business executive vice president Paul Naar said: "Dcoop's expertise in olive oil provides a better opportunity for the future of growth of this business and will enable us to continue to focus on offering a range of high-quality oils to our customers."
