Snack foods maker Snyder‘s-Lance Inc has hired an investment bank to weigh a potential sale after being approached by Campbell Soup Co, CNBC reported on Thursday, citing sources familiar with the situation.
Snyder-Lance’s shares rose as much as 13.6 percent to a record high of $44.77 following the report. The company had a market capitalization of about $3.90 billion, while Campbell had a market value of about $14.8 billion.
Talks are ongoing with Campbell, CNBC reported, adding there was at least one other potential suitor in the fray.
Both Campbell Soup and Snyder-Lancer said they do not comment on rumors or speculation.
The report comes as Campbell struggles with declining soup sales in the United States and competition from private label brands.
The company cut its 2018 profit forecast in November.
By Uday Sampath
Source: Reuters
Consumer healthcare firm Haleon has appointed Tate & Lyle executive Dawn Allen as its new chief financial officer, effective 1 November 2024. Allen will succeed Tobias Hestler, who has decided to step down from the role, citing a long-term health condition, the company said.
The group said that the bottling line, which adds 6,500 square metres to the existing 60,700-square-metre site, is the next necessary stage in the company’s international development. The leading brand in Campari Group’s global sales, demand for the Italian bitter apéritif has grown by 500% in the last decade.
The partnership will see Coca-Cola adopt new technology to foster innovation and productivity globally. Through the deal, Coca-Cola has made a $1.1 billion commitment to the Microsoft Cloud and its generative AI capabilities.
