A report in a US newspaper is linking food giant Kraft Heinz with a bid for fellow US heavyweight Campbell Soup Co.
The New York Post newspaper – quoting “a source close to the situation” – reports Kraft Heinz “is very much interested in buying Campbell and believes the soup maker’s management will start a sales process soon”.
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Neither Campbell or Kraft Heinz have commented on the newspaper’s story.
Campbell CEO Denise Morrison stepped down from the role in May as the soup maker announced a third-quarter loss, before interest and taxes, of US$475m – compared to a $298m profit for the equivalent period last year.
The company is being run by a board director on an interim basis.
CFO Anthony DiSilvestro said at the time Campbell would be “reviewing all aspects of our strategic plans and portfolio composition” – a statement which is sure to have alerted potential suitors.
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By GlobalDataThe newspaper’s source said Campbell “will likely put itself up for sale”.
The New York Post story suggests another US food company, General Mills, could also be interested in making a bid.
Last August Kraft Heinz was linked to a possible bid for Cadbury owner Mondelez International.
In February last year, it made a US$15bn bid for Unilever which was withdrawn after it was rebuffed by the Anglo-Dutch consumer goods business.
Read just-food’s analysis: Campbell’s Q3 profit warning, CEO exit – four things to learn.
