Campbell Soup to sell non-core assets as big investor stews

NEW YORK Campbell Soup 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 per cent stake on Aug. 9 and immediately pressed for a sale of the entire company to a competitor as “the only justifiable outcome.”

If dissatisfied, Loeb could escalate his attack into a proxy fight and nominate a slate of directors within the next few weeks.

Campbell’s interim chief executive Keith McLoughlin said the board considered the option of a complete sale during its review and ended the process “with a completely open mind.”