According to the people with knowledge of the discussions, FSI asked Citigroup to advise it on its bid for Madrid-based Deoleo. A senior Citigroup executive contacted a well-connected adviser in Madrid who regularly meets with Spanish politicians and officials. The adviser told Citigroup that supporting the Italian bid wouldn’t be well received in Madrid.
Citigroup declined the work, according to the people familiar with the situation.
A person at the bank denied that it had considered representing FSI. The Italian fund declined to comment.In Olive-Oil Deal, Citigroup Held Back Amid Spanish Opposition,