Sector News

Suitors lining up for Campbell Soup?

June 26, 2018
Food & Drink

A little over a month after Campbell Soup announced that it would undertake a strategic review, a major player is interested in the company.

Kraft Heinz is “very much interested in buying Campbell, according to the New York Post, and Campbell will start a sales process soon.

Further, there could be another interested party with deep pockets: General Mills.

As previously reported by FOX Business, when Campbell Soup announced that it would undertake a strategic review, its CEO Denise Morrison left the company. Kevin McLoughlin, a board member, is serving as CEO in the interim – and the results of the strategic review are expected in August.

Campbell Soup shares were rallying on Monday. If the rally continues, the company may post its largest percent increase on record. The current record is May 24, 2000, when shares rose 11.21%.

Prior to Monday’s move higher Campbell Soup shareshad fallen about 20% this year. The company completed its $6.1 billion buyout of Snyder’s-Lance in March.

By Leia Klingel

Source: Fox Business

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