Deals
ConAgra Plans to Divest Private Brands Amid Jana Pressure
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ConAgra Foods Inc. Chief Executive Officer Sean Connolly, after only three months on the job, is undoing the company’s $6.7 billion acquisition of private-label food maker Ralcorp amid pressure from an activist investor.
The business, which makes products under supermarkets’ names, is being sold because turning it around represents a “suboptimal use” of ConAgra’s resources, Connolly said in a statement Tuesday. The company will release operating details of its plans and long-term financial expectations at an investor event later this year, he said.