In a process for preparing an alkylester of a saturated aliphatic carboxylic acid by reacting olefin with alkanol in the presence of a catalyst consisting of a cobalt compound and a promoter selected from the group consisting of pyridine, non-ortho-substituted alkylpyridine, and mixtures thereof to form a reaction mixture, the improvement comprising reactivating and recovering said catalyst by:
- (a) treating said reaction mixture with a gas containing oxygen and forming an oxidized cobalt compound;
- (b) carrying out a distillation and removing unconverted olefin, uncoverted alkanol, promoter and reaction products and producing a distillation residue containing said oxidized cabalt compound;
- (c) mixing an additional portion of said promoter with said distillation residue to form a suspension;
- and
- (d) treating said suspension with a mixture of carbon monoxide and hydrogen at a temperature of about 100.degree. to 250.degree. C. and at a pressure of at least 50 bars, to reactivate said catalyst, and recovering said reactivated catalyst.