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
The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.
US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.
Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.
