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
Free-from is becoming much more mainstream, moving beyond food allergens and intolerances. While it’s still vital to innovate products for lactose intolerance, gluten allergies and so forth, the umbrella term of free-from has taken on many different meanings.
Arla Foods Ingredients (AFI) is targeting infant formula, sports nutrition and medical nutrition with its new patented milk fractionation technology that separates milk proteins from whey, bypassing the need to make cheese. The Denmark-based company says this move enables scientists, nutritionists and health professionals to create “next-generation” dairy products.
Located in Ma’anshan, Anhui province, the facility has the potential to produce an estimated 150 million litres of oat-based products annually at full capacity. The opening comes just a few months after Oatly – which claims to have established a new Chinese character for ‘plant-based milk’ – inaugurated its first Asian factory in Singapore.
