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.
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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.
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Campbell is set to report the outcome of its strategic review at the end of this month.
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By GlobalDataEarlier 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
