Campbell Soup Rises on Reports Loeb Has Stake and Seeks Action
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Shares of Campbell Soup Co. rose in after-hours U.S. trading on reports that Daniel Loeb’s Third Point LLC has acquired a stake and is pressing for a turnaround at the 149-year-old company.
Third Point has a stake of at least $300 million in the soup maker, The Wall Street Journal reported Tuesday, citing a person familiar with the matter. The holding amounts to more than 2.5 percent of Campbell’s stock, the Journal said. Separately, the New York Post said Loeb has hired an investment banker to help convince family members who essentially control the company to put it up for sale, also citing unnamed sources.