Activist investor Third Point LLC has built a stake of more than $300 million in Campbell Soup Co., according to a person familiar with the matter, adding to pressure on the soup maker as it seeks to turn around its business and reverse a sharp stock-price decline.
While it isn’t clear exactly how big the stake is, it amounts to more than 2.5% of Campbell’s
CPB, -0.10%
stock. Third Point had filed for antitrust clearance to build a stake of at least that size — necessary if the firm may get involved with business decisions at the company — and the 30-day waiting period expired earlier this week, people familiar with the matter said.
Third Point founder Daniel Loeb, who like other activists frequently pushes companies he invests in to sell all or part of themselves, has spoken with Campbell’s interim Chief Executive Keith McLoughlin about possible courses of action, the people said. It isn’t clear what Third Point’s plans for the stake are or whether it plans to go public with them.
Campbell said in a statement that it maintains an open dialogue with its shareholders.
An expanded version of this report appears on WSJ.com.
Also popular on WSJ.com:
The pension hole for U.S. cities and states is the size of Japan’s economy.
Source : MTV
