Deoleo plunges 19% as DCOOP and Acesur split the world's top olive oil player

Deoleo shareholders took a beating Thursday. The world's largest olive oil producer saw its stock fall 19% after two Spanish rivals, DCOOP and Acesur, announced a plan to take over the company, according to CNBC.

Under the deal, DCOOP and Acesur would each walk away with a 50% stake, creating a fresh olive oil heavyweight in Spain. DCOOP said the combination is meant to push olive oil consumption higher worldwide and help farmers capture more value across the supply chain.

The ugly session still leaves Deoleo sitting pretty for the year. The stock is up roughly 55% since January, riding a cool-down in olive oil prices that has juiced sales in the U.S.

Investors had already smelled this coming. Shares jumped more than 20% on Aug. 19 when word of a possible takeover fight first surfaced, so Thursday's drop reads like a reset rather than a collapse.

The deal would deepen Spain's already dominant position in the sector, handing two of the country's biggest players control of its flagship olive oil brand. It's a breaking story, and more details are expected as the takeover moves forward.