Kraft Heinz has reportedly opened exploratory talks to potentially buy fellow US packaged food giant Campbell Soup Co.
The maker of Kraft cheese and Heinz ketchup was first linked with a move for Campbell at the end of June and now The New York Post newspaper has said the company has been looking at soup maker’s financials.
The newspaper quotes two sources close to the situation as saying Kraft Heinz has not made an offer for Campbell but would “buy at a price”.
In May, Campbell CEO Denise Morrison stood down on the back of the announcement of losses and the company embarked on a review of all aspects of its business.
The publicly-listed Lance crackers and Plum baby food owner, of which the founding Dorrance family still remains a significant shareholder, has since come under pressure from investment fund Third Point to sell or break up its business.
Campbell is set to report the outcome of its strategic review at the end of this month.
Earlier this week, it was revealed Third Point founder Daniel Loeb had built up his stake in Campbell to 2.5% and was meeting with descendants of John T. Dorrance, a chemist who invented condensed soup and who went on to be president of the company. The descendants together own 41% of the company’s shares.
Campbell has hired accountancy giant Deloitte to advise it.
Read just-food’s blog: If Kraft Heinz passed on Pinnacle, it should do so with Campbell