Kraft Heinz Co (NASDAQ:KHC) is certainly no stranger to major mergers in the food space.
At one point, Kraft was owned by Philip Morris of all things, years before its blockbuster mashup with Heinz. Now, as the New York Post reports, the packaged foods behemoth is sniffing around another possible takeover target:
Campbell Soup, which last month said it was reviewing all aspects of its strategic plans and portfolio composition, will have at least one deep-pocketed suitor interested in kicking the tires should it decide to put itself on the block, The Post has learned.
The suitor, Kraft Heinz, is very much interested in buying Campbell — and believes the soup maker’s management will start a sales process soon, a source close to the situation said.
The source noted that Campbell putting itself up for sale is inevitable, given the company’s recent struggles. Whether it will sell the entire company outright or break its units up into pieces remains to be seen.
But when the sales process does commence, you can expect Kraft Heinz to make some kind of bid.
Kraft Heinz Co shares closed at $63.21 on Friday, up $0.64 (+1.02%). Year-to-date, KHC has declined -17.08%, versus a 3.83% rise in the benchmark S&P 500 index during the same period.