Campbell's Is Buying Snyder's

Campbell Soup Co. announced it will purchase Snyder's-Lance Co

Campbell Soup Co. announced it will purchase Snyder's-Lance Co

Goldman Sachs & Co LLC advised Snyder's-Lance and Jenner & Block LLP gave legal counsel.

"Right now, we're still very early in this process and certain decisions have yet to be made". Campbell Soup said the acquisition will help expand its position in the $89 billion snacking market in the U.S.

The Wall Street wagon just keeps on rolling on with USA benchmarks reaching new highs at the open on Monday after a higher close on Friday as the passing of the United States tax reform bill is now in sight.

"We know how to do this", she said of cost-cutting.

Campbell's baked snacks product portfolio generated approximately $2.5bn in net sales in fiscal 2017.

Snyder's-Lance, based in Charlotte, North Carolina, makes pretzels and chips.

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Snyder's-Lance will become part of Campbell's Global Biscuits and Snacks division, which includes the company's Pepperidge Farm, Arnott's and Kelsen businesses, and the simple meals and shelf-stable beverages business in Australia, Asia Pacific and Latin America.

Camden, New Jersey-based Campbell has reported falling sales as more people avoid processed foods.

Campbell Soup has said it will finance the deal with $6.2 billion of debt. Cloud services provider Akamai Technologies leaped after Elliott Management, led by activist investor Paul Singer, disclosed a 6.5 percent stake in the company and said it wants to discuss changes to the company's business and other areas.

In companies, Campbell Soup Company (NYSE:CPB) shares added 0.54% to US$49.86 as it emerged it will buy pretzel maker Snyder's-Lance Inc (NASDAQ:LNCE) for US$50 a share, or US$4.87bn.

The deal - the largest in the soup company's 148-year history - was announced December 18. Lee Jr. was replaced by Brian Driscoll, the former president of Diamond Foods.

Melding Campbell and Snyder's-Lance's roughly $2 billion US snack portfolios will radically cut costs and add complementary salty snacks to round out Campbell's successful Pepperidge brand and Lance's position as a big national distributor of salty snacks, Feeney said. It is unclear if the Campbell Soup deal affects the expansion plans.

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