Ecuador has approved a Peruvian company’s purchase of a local margarine business. The regulator says the deal will not hurt competition.
Ecuador’s competition authority has approved Alicorp’s takeover of Florafood Ecuador, the local arm of a margarine business. The Superintendencia de Competencia Económica (SCE), the national competition regulator, announced the decision in a press bulletin dated Wednesday 4 November 2026.
Alicorp, a Peruvian food and consumer-goods group, takes exclusive control of the company through its Spanish subsidiary, Alicorp Holdco España. Florafood Ecuador imports and sells margarine, and Alicorp’s announcement ties the Bonella and Dorina brands to Ecuador.
What the Regulator Approved
The SCE said Alicorp Holdco España, Alicorp’s Spanish holding company, would acquire exclusive control of Florafood Ecuador, a limited company. The decision is recorded as resolution SCE-CRPI-26-2026.
The authority concluded that the deal will not cause a substantial reduction of competition, in our translation of its Spanish text. It listed no conditions for the approval.
Plaza Grande, the main square of Quito’s historic centre, in a 2015 file photo. Photo: Diego Delso / Wikimedia Commons (CC BY-SA 4.0)The Palm Stearin Question
The bulletin discusses one competition concern, which involved another company in the Alicorp Group, Industrias del Espino S.A. It supplies palm stearin, a solid fat from palm oil used in margarine, to industrial customers in Ecuador. Industrias del Espino and Florafood Ecuador do not compete with each other, but they sit at different steps of the same supply chain.
The SCE therefore checked whether the group could make it harder for rival margarine makers to buy stearin, or for rival suppliers to sell to Florafood’s manufacturers. It found no such risk, for two reasons.
Industrias del Espino holds a small share of stearin supply, and margarine makers can buy from other Ecuadorian producers and foreign suppliers.
Where This Fits in the Wider Deal
The Ecuador approval is one piece of a regional purchase that Alicorp said on Monday 2 November 2026 it had completed. Our earlier report covered Alicorp’s purchase of the Latin American businesses of Flora Food Group, a global margarine maker.
Alicorp put the enterprise value (the deal price including debt) at about US$150.5 million for 100% of the shares. The purchase adds 19 brands, covers companies in seven countries including Ecuador, and includes sales arrangements in about 30 territories.
The deal was announced in March 2026 and, according to Alicorp, has been completed. Closing was subject to regulatory approvals in several countries.
Alicorp is Peru’s large food and household-goods company, controlled by Grupo Romero, a Peruvian holding group. Florafood Ecuador is the local company that imports and sells margarine.
The SCE is Ecuador’s competition regulator, which must clear big takeovers. Palm stearin is a solid fat from palm oil used in margarine.
What It Means for US Readers
Ecuador uses the US dollar as its currency, so US investors face no exchange-rate step in this market. For investors who follow Latin American consumer stocks, the clearance settles the Ecuador step of a deal that also needed approvals elsewhere.
The approval does not change who owns Alicorp. Alicorp is controlled by Grupo Romero, a Peruvian holding group.
Readers who want more context can follow Ecuador news in English and our guide to who runs Peru’s economy. Both help explain why a Peruvian group keeps buying across the Andes.
What Is Not Known
The SCE bulletin gives no price for the Ecuador unit, no sales figures and no market shares for margarine. The enterprise value of about US$150.5 million is for the whole regional deal, not for Ecuador alone.
The bulletin carries no date for the resolution itself, lists no conditions and does not name the margarine brands. How Alicorp’s 2 November completion notice fits with the 4 November approval is not explained.
More: Ecuador news in English, every day from The Rio Times.
Frequently Asked Questions
What did Ecuador’s competition authority approve?
It approved Alicorp Holdco España taking exclusive control of Florafood Ecuador, a margarine importer and seller. The SCE announced the decision on 4 November 2026.
Did the regulator attach conditions?
The bulletin lists no conditions. The SCE found the deal would not cause a substantial reduction of competition.
Why did the regulator look at palm stearin?
Another Alicorp Group company, Industrias del Espino, supplies palm stearin to margarine makers in Ecuador. The SCE found its share is small and rivals have other suppliers.
Sources: Ecuador’s Superintendencia de Competencia Económica, press bulletin No. 027-2026, 4 November 2026; Alicorp, announcement of 2 November 2026 to Peru’s securities regulator.