Kraft Heinz has decided not to pursue its high-profile bid to but Campbell’s Soup Co., according to industry reports.
Kraft Heinz’s interest in the purchase was first reported back in May, at the same time that its CEO Denise Morrison abruptly stepped down. Now a New York Post report says the company has decided not to go ahead with the acquisition. Possible motives for dropping the bid include the continued dominance of Campbell by the Dorrance family, and the company’s relatively weak international presence.
Both Kraft Heinz and Campbell have declined to comment.