By Mia Lamar
Food stocks rose Thursday as the takeover of H.J. Heinz Co.
(HNZ) increased hopes that there may be more consolidation in that
industry.
Campbell Soup Co. (CPB) is the biggest gainer, adding 2.4% to
$39.10 in premarket trade, but General Mills Inc. (GIS) and Kellogg
Co. (K) are also in the green.
Earlier Thursday, H.J. Heinz said it agreed to be acquired by
Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) and 3G
Capital for $28 billion, including debt.
Campbell Soup--with a market capitalization of $12 billion
even--has mostly been seen on the other side of the deal table,
last year acquiring Bolthouse Farms for $1.55 billion.
General Mills and Kellogg shares were both up roughly 1% in
premarket trade. Heinz shares were trading 20% higher premarket to
$72.50, matching Berkshire and 3G's offer price.
Write to Mia Lamar at mia.lamar@dowjones.com
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