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The Wall Street Journal: Third Point to explore breakup of Campbell Soup if it wins proxy fight

Third Point LLC’s initial plan to revamp Campbell Soup Co. includes exploring a breakup of the company as one of its central tenets, according to people familiar with the matter.

Daniel Loeb’s activist hedge fund is waging an uphill battle in a proxy fight to replace Campbell’s entire 12-person board. If it wins the board, Third Point believes the company should decide within 100 days whether to break up into two major units, one focused on meals and beverages and the other focused on snacks, according to a presentation reviewed by The Wall Street Journal that details Third Point’s plans.

Third Point, which has said the only justifiable option under the current board is a full sale of the company, believes a split would make the company more attractive to investors and potential buyers down the line, according to people familiar with the plans.

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