July 22, 2008

Unilever Signs Agreement to Sell Bertolli Olive Oil Unit to SOS

Unilever has signed a definitive agreement for the disposal of its Bertolli olive oil and vinegar business to Grupo SOS for a consideration of E630 million.

The transaction is structured as a worldwide, perpetual license by Unilever of the Bertolli brand in respect of olive oil and premium vinegar.

The transaction includes the sale of the Italian Maya, Dante, and San Giorgio olive oil and seed oil businesses, as well as the factory at Inveruno, Italy. Unilever will retain the Bertolli brand for all other categories including margarine, pasta sauces, and frozen meals

Jesus Salazar, chairman of Grupo SOS, said: "This transaction is absolutely strategic to Grupo SOS and it reinforces us as worldwide leaders in olive oil. We share our focus on the Mediterranean diet with Unilever, and benefits will accrue to both our groups and to the consumer".

The transaction is part of Unilever's announced plans to dispose of non-strategic brands with collectively more than E2 billion in turnover. The agreement, which is subject to relevant regulatory approvals, is expected to close during 2008.