Hojiblanca, the Spanish olive oil cooperative is in the process of acquiring lender Bankia's 16% shareholdings in Deoleo, the food conglomerate. The purchase plans were confirmed by Hojiblanca's Director General.
Currently, Hojiblanca has a 10% stake in Deoleo. Deoleois the world leader in bottled olive oil sales. In an interview, Hojiblanca Director General confirmed through an interview with El Economista, "If it's possible, we are not ruling out buying that stake. We are considering it."
Bankia was bailed out by the Spanish government in 2012 and in its bailout plan, it is required that it divest itself of shareholdings in other companies after its receipt of Eur40 billion or US$52.09 billion in European aid.
Other stockholders of Deoleo are also divesting their shares according to Luque and Hojiblanca is taking a wait and see attitude before its purchase of the Bankia shareholdings. A fellow rescued bank, BMN also has a stake in Deoleo and are also subject to the same terms for the bailout as Bankia.
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