Campbell Soup Co. said Thursday it intends to sell its international and fresh refrigerated-foods divisions and is leaving open the possibility it may put the entire company on the block, according to a published report.
Shares of Campbell, which has a market value of about $12 billion, fell 4 percent in pre-market trading, Reuters reported.
Campbell executives were announcing the move in a call Thursday morning with analysts and media.
The announcement comes three weeks after investor Dan Loeb, who runs the Third Point LLC hedge fund, announced a 5.65 percent stake in Campbell. Loeb immediately pressed for a sale of the entire company as “the only justifiable outcome,” according to Reuters.
It remains to be seen if Thursday’s announcement will be enough to satisfy Loeb.
Denise Morrison stepped down as Campbell CEO in May after a string of poor results. On the same day, the company announced a review of its portfolio and named board member Keith McLoughlin interim CEO.