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Why Campbell Soup might go up for sale
The Wall Street Journal reported late Tuesday that Loeb’s investment firm, Third Point LLC, now has a more than $300 million stake in Campbell Soup. Shares of Campbell Soup (CPB) rose 2% on the report.Separately, The New York Post reported Loeb has hired canada goose outlet kokemuksia an investment banker and is pressuring the company and its top investors to put Campbell Soup up for sale.Third Point declined to comment about the reports.A spokesperson for Campbell Soup said the company doesn’t comment on rumors or canada goose jacket uk speculation, but added that “we maintain an open, engaged dialogue canada goose outlet online with all of our canada goose outlet washington dc shareholders, and welcome all investments in our company.”The company announced in May that it would conduct an operational review of its business. The review is expected to end in late August.So it’s still possible that the board will recommend a sale of Campbell Soup. And that could make sense given the turmoil in canada goose outlet paypal the executive suite.CEO Denise Morrison, who had been atop Campbell Soup since 2011, abruptly announced her retirement in May after canada goose outlet ontario the acquisition of snack maker Snyder’s Lance. Campbell Soup paid $6 billion for the company, but the integration didn’t go smoothly, according to reports.Keith McLoughlin, the former head of appliance maker Electrolux (ELUXF) and a board member at Campbell Soup, was named interim CEORelated: Campbell Soup Denise canada goose factory outlet Morrison leaves the companyThe WSJ said in its report Tuesday that Loeb has been https://www.forcanadagoose.ru talking to McLoughlin about a strategic review because of poor canada goose outlet uk sale earnings.Soup sales have slumped lately too. And a push into fresh and organic food hasn’t panned out as well as hoped.But if Loeb wants Campbell Soup to put itself on the shopping block, he must convince family ownership that it’s a good idea. Three descendants of condensed soup maker John Torrance canada goose outlet factory collectively own about 42% of its shares.Those shareholders may be amenable to the idea of a deal though. After all, the packaged food industry has played host canada goose stockists uk to a flurry of mergers recently. Companies are trying to get bigger in an attempt to have more pricing power.Many food makers have canada goose outlet woodbury been hurt by deflation in the grocery industry. Intense competition between Whole Foods owner Amazon (AMZN), Walmart (WMT), Costco (COST) and supermarket king Kroger (KR) have led to a drop in prices for a lot of food items.Related: canada goose outlet usa Campbell Soup is piping hot after reported M interestThat’s great news Full Article for consumers, but it’s terrible for canada goose outlet us the food companies and their investors.And while many of the food deals have been smaller acquisitions for canada goose outlet toronto factory niche companies, ConAgra (CAG) recently announced plans to buy Birds Eye maker Pinnacle Foods (PF) for nearly $11 billion. Campbell Soup is worth about $12.5 billion.Kraft Heinz (KHC) backed by Warren Buffett as well as cereal giant General Mills (GIS) have been reported to have interest in a deal for Campbell Soup.CNNMoney (New York) First published canada goose outlet florida August 1, 2018: 12:34 PM ETContact UsClosed CaptioningSite MapMost stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: 2018 Morningstar, Inc. Factset: FactSet Research Systems Inc.2018. Chicago Mercantile Association: Certain market data canada goose outlet in new york is the canada goose outlet seattle property of Chicago Mercantile Exchange Inc. and its licensors. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S Dow Jones Indices canada goose outlet website legit LLC and have been licensed for use to S buy canada goose uk Opco, LLC and CNN. Standard Poor and S are registered trademarks of Standard Poor Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices S Dow Jones Indices LLC 2018 and/or its canada goose outlet uk affiliates.
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