Campbell Soup (CPB) Tops Q4 EPS by 1c, Revenues Miss; Offers FY19 Guidance Below Consensus

Campbell Soup (CPB) Highlights 'Significant Actions' from Board-Led Strategy & Portfolio Review; Will Pursue Sale of Non-Core Units

August 30, 2018 6:07 AM EDT

Campbell Soup Company (NYSE: CPB) today announced significant actions it is taking as part of its Board-led strategy and portfolio review to improve performance and drive shareholder value. The actions include:

1. Focusing the company on two distinct businesses, Campbell Snacks and Campbell Meals and Beverages, in its core North American market;
2. Pursuing the divestitures of non-core businesses to focus and improve the companys portfolio; proceeds will be used to significantly reduce debt; and,
3. Increasing its cost savings target to $945 million by FY2022, including the expected Snyders-Lance... More

Campbell to sell fresh, international units, complete sale an option

August 30, 2018 6:01 AM EDT

By Harry Brumpton and Svea Herbst-Bayliss

NEW YORK/BOSTON (Reuters) - Campbell Soup Co (NYSE: CPB) said on Thursday it plans to sell its international and fresh refrigerated-foods units and left open the possibility of putting the whole company up for sale, following a months-long review and pressure from a hedge fund to sell itself outright.

It is not clear if the plan will appease activist investor Dan Loeb, whose Third Point LLC announced a 5.65 percent stake on Aug. 9 and immediately pressed for a sale of the entire company to a competitor as "the only... More

Proxy fight looms as new investors ramp up pressure on Campbell Soup

August 29, 2018 1:03 AM EDT

By Svea Herbst-Bayliss and Richa Naidu

BOSTON/CHICAGO (Reuters) - The family that controls Campbell Soup Co (NYSE: CPB) looks to be on a collision course this week with new hedge fund investors pushing for the company to sell itself, heralding a potential proxy fight industry analysts have labeled the "fight of the fall."

The soup and snack company is set to report the results of a strategic review on Thursday, but has shown no sign that it will put itself on the block, as recommended by activist investor Daniel Loeb's Third... More

PJT Partners to buy CamberView as activism defense heats up

August 28, 2018 12:05 PM EDT

By Svea Herbst-Bayliss

BOSTON (Reuters) - Advisory firm CamberView Partners agreed to sell itself to boutique investment bank PJT Partners Inc (NYSE: PJT) on Tuesday in a deal that comes as public companies seek help defending against activist investors demanding corporate changes.

PJT Partners, founded by former Morgan Stanley veteran investment banker Paul J. Taubman, said it will pay $165 million to acquire the six-year-old advisory firm run by Abe Friedman. Of that amount, PJT will pay $100 million in the form of Class A common stock and partnership units and $65 million in... More

Wall Street ekes out gains as Canada takes trade spotlight

August 28, 2018 7:51 AM EDT

By Stephen Culp

NEW YORK (Reuters) - The S&P 500 and the Nasdaq edged up to record closing highs for the third consecutive session as investors struggled over whether to take profits following a rally on positive developments in trade disputes which have vexed the markets.

Following a United States-Mexico agreement Monday to overhaul the North American Free Trade Agreement (NAFTA), focus shifted to Canada, with its top trade negotiator joining her Mexican and U.S. counterparts in Washington in a bid to remain in the trilateral pact.

The Dow Jones Industrial Average also closed... More

Campbell Soup's (CPB) Loeb Rejected Could Set Off Proxy Fight - NYP

August 28, 2018 6:28 AM EDT

Campbell Soup (NYSE: CPB) is expected to announce this week that it doesn't plan to sell itself to a strategic buyer, according to a report from the New York Post. The move could provoke hedge fund manager Dan Loeb into a nasty proxy fight.

... More