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Campbell May Face Proxy War After Sale of International Unit

  • Soup maker to divest international operations, fresh-food unit
  • Activists had hoped whole company would be on auction block
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Mike Senackerib, chief executive officer at Farm & Oven Snacks, discusses Campbell’s selling off divisions.Daybreak: Americas." (Source: Bloomberg)
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The waiting game has begun for Campbell Soup Co.

The struggling soup company, under pressure from activist investor Dan Loeb to put itself up for sale, laid out plans to transform its portfolio of brands on Thursday, including the divestiture of its international unit and fresh-food business. The company, which interim Chief Executive Keith McLoughlin said had lost its focus, will also further cut costs and pay down debt.