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Market Update

U.S. Movers: Campbell Soup, Dole Food, Pinnacle Foods, Rockwell, Sysco

Author: Mukesh Buch
Last Update: 12:41 PM ET August 12 2013

11:05 AM New York Campbell Soup plans to sell its European business. Dole Food agreed to private for $1.6 billion. Pinnacle Foods agreed to buy Wish-Bone salad for $580 million in cash. Rockwell agreed to acquire Arinc for $1.4 billion.

Campbell Soup Company (CPB) slipped 35 cents to $47.39 after the convenience food products maker entered into final negotiations for the sale of its business in Europe to CVC Capital Partners, a leading global private equity firm.

Campbell anticipates that the proposed sale would be completed in the first quarter of its fiscal 2014.

Dole Food Company, Inc. (DOLE) soared 5.1% or 65 cents to $13.46 after the packaged fruit and vegetables producer said CEO David H. Murdock will acquire the remaining 60% stake for cash valuing the company at $1.6 billion.

Under the terms of merger agreement, stockholders will receive $13.50 in cash and the transaction is expected to close during the fourth quarter of this year.

Pinnacle Foods Inc. (PF) climbed 3.6% or 93 cents to $26.39 after the frozen food maker agreed to buy Wish-Bone salad dressings from Unilever for $580 million in cash and new debt.

Rockwell Collins Inc. (COL) dropped 2.1% or $1.53 to $72.89 after the aviation equipment supplier on Sunday agreed to acquire aerospace communications group Arinc Inc for $1.39 billion from the Carlyle Group LP.

Sysco Corporation (SYY) declined 4.5% or $1.59 to $33.42 after the foodservice maker reported sales in the fourth quarter ending on June 29 advanced 5% to $11.6 billion. Net earnings in the quarter tumbled 9% to $283 million or 47 cents a diluted share compared to $306 million or 53 cents.

The company added operating income in the quarter declined 11% to $460 million and Gross profit rose 1.2% to $2 billion.

TransGlobe Energy Corporation (TGA) fell 1% or 7 cents to $6.81 after the Canada-based oil and gas firm stated revenue in the second quarter ending in June grew 3% to $152.6 million. Net income in the quarter climbed 14% to $10.4 million or break-even diluted share compared to $24.8 million or 26 cents.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc