UK canned foods maker Premier Foods should hold an open auction to sell off its flagship Batchelors Soup brand in a bid to improve the company’s financial outlook, activist investor Oasis Management said on Thursday.
The call from one of the company’s biggest shareholders comes ahead of an annual meeting later this month at which it has called for the removal of Premier Foods’ chief executive Gavin Darby. Oasis has previously said the company’s brands were strong and had been mismanaged by the current leadership.
“Using conservative assumptions, Oasis believes that the sale of Batchelors … would generate more than 200 million pounds ($264.72 million) of proceeds, or more than 60 percent of the current market capitalisation of the company,” Oasis said in an email on Thursday.
($1 = 0.7555 pounds)
By Noor Zainab Hussain
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.