Campbell's Soup To Buy Snyder's-Lance For Nearly $5 Billion

Campbell's Soup To Buy Snyder's-Lance For Nearly $5 Billion

Deal news also helped put investors in a buying mood.

In a statement Monday morning, the local snack maker said the all-cash deal has been approved by the boards of directors of both companies.

Campbell completed its $700 million acquisition of organic soup and broth maker Pacific Foods last week, when media reports first surfaced about a possible deal with Snyder's-Lance.

The deal is waiting for approval from Snyder-Lance's shareholders and regulatory approval. Goldman Sachs and Deutsche Bank worked with Snyder's-Lance.

"Right now, we're still very early in this process and certain decisions have yet to be made".

Share prices were higher in Europe on Monday after a day of robust gains in Asia as investors anticipated passage of US tax legislation that could boost corporate profits in the world's largest economy.

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

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Campbell now gets about 31 percent of its sales from snacks and 35 percent from soup, the company said.

The Hanover, York County-based Snyder's of Hanover is one of the largest pretzel bakers in the nation.

In 2012, Campbell acquired Bolthouse Farms for $1.55 billion.

Camden, New Jersey-based Campbell has reported falling sales as more people avoid processed foods. The company says when the Snyder's-Lance deal closes, snacking will represent about 46 percent of Campbell's annual net sales. The company was No. 862 on the 2017 Forbes list of Fortune 1000 companies. Lee Jr. was replaced by Brian Driscoll, the former president of Diamond Foods. Following the leadership changes this summer, the company laid off dozens in its accounting department in Charlotte, opting to move the work up to its Pennsylvania office instead.

Melding Campbell and Snyder's-Lance's roughly $2 billion USA 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.

The deal with the Pretzel owner is the soup company's biggest deal in its 148-year history.

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