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  "documentTitle": "Campbell Soup Company (CPB)",
  "authorId": "05_Third_Point",
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      "text": "While distracted with bad deals, Campbell missed key trends in its core soup business",
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      "text": "Pacific Foods product lineup",
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      "text": "Failure to participate in key trends forced Campbell to acquire Pacific Foods, a leading producer of organic broth and soup, shelf-stable beverages, and other meals and sides\nPaid $700 million for Pacific Foods in 2017\nDeal guided to be ~2% dilutive to earnings in FY18",
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      "text": "Campbell missed key shift in consumer preferences in soup (despite dominating category)\nNatural and organic ingredients\nContemporary packaging (e.g. resealable box vs. traditional can)",
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      "text": "Note: Campbell guidance from transaction press release (December 2017)\nSource: Third Point LLC; Company Materials; Google Images",
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      "text": "CORPORATE STRATEGY — SOUP",
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