LOEB’S SOUP IS ON

Kraft Heinz starts kicking the tires on Campbell

The maker of Heinz ketchup and Philadelphia cream cheese is taking a look at Campbell Soup, The Post has learned.

Kraft Heinz recently opened exploratory talks with the soup maker and has pored over some of its financials, sources familiar with the matter said.

Kraft Heinz has not made a offer for Campbell, said two sources close to the situation, who noted that the $72 billion company may be looking for a bargain and is not likely to pay much of a premium to the Camden, NJ, company’s $22 billion value — including stock and net debt, two sources close to the situation said.

“They would buy at a price,” a source with direct knowledge of the situation said.

The Campbell board, under fire from activist hedgie Dan Loeb, of Third Point, is exploring all its options, and has not put itself up for sale.

However, engaging Kraft Heinz shows Campbell is open to the idea, sources said.

In May, Campbell said it would review all aspects of its strategic plan and portfolio composition and report the outcome by Aug. 30.

Loeb is currently meeting with descendants of the Campbell founder who together own 41 percent of the company’s shares, sources said.

Loeb is trying to persuade them to put the struggling business up for sale. Those members who are open to a sale are being labeled by Loeb as, “The Dissenters,” one source said.

Meanwhile, Campbell has hired Deloitte to see what the tax hit would be for family members if the company were sold, a source said.

CNBC first reported the Deloitte hiring, but did not ex- plain the purpose of the hire.

Some Campbell execs could be against a sale but are undertaking a review and have engaged Deloitte to protect the company from shareholder lawsuits, the source said.

As part of its defense against Loeb, Campbell has hired PR firm Teneo Holdings, The Post has learned — and is expected, with the firm’s help, to soon start defending itself against Loeb, sources said.

“A lot of people hire Teneo in these kinds of situations,” one of the sources said.

For example, MSG hired Teneo when it was under pressure to sell or split its sports and arena assets. MSG last month announced plans to split into two.

Kraft Heinz, whose shares have fallen nearly 25 percent this year, to $59.40 at Thursday’s close, has intensified its efforts of late to buy a food company, an industry source said.

Private equity firm 3G Capital, which controls Kraft Heinz, seeks to buy enduring brands that are hard to replicate and have defensible brand equity, according to a 2015 McKinsey Report.

The Post reported exclusively on June 22 that Kraft Heinz was interested in buying Campbell if the soup maker decided to put itself up for sale.

Campbell reported profits tumbled 70 percent in the nine months ended April 30. Its shares added 28 cents on Thursday, to $41.71 — but are down 21 percent over the last year.

A Campbell spokesman said it does not comment on rumors. Kraft declined comment.