Photo by Justin Sullivan/Getty Images

Campbell's Soup Co. is under pressure from activist investor Dan Loeb, who disclosed around a 6% ownership stake and is pushing for a sale.

Why it's a big deal: Because Loeb also revealed an unexpected ally in George Strawbridge, the 80 year-old grandson of company founder Joseph Campbell, who disclosed a 2.8% stake of his own. This could create an inter-family rift, as other Campbell descendants hold both sizable ownership positions and board seats.

Campbell's has a market cap of around $12.7 billion and an enterprise value of around $22 billion.

More from WSJ's Cara Lombardo:

Campbell is at a pivotal moment in its 150-year history as its namesake canned soups and other heavily processed foods have fallen out of favor with consumers, and attempts to pivot to fresher offerings such as Bolthouse Farms juices have stumbled. Former CEO Denise Morrison stepped down abruptly in May after a seven-year run and the company said it would review its product portfolio.

Go deeper

Updated 9 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 31,647,930 — Total deaths: 971,711 Total recoveries: 21,776,599Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 6,897,661 — Total deaths: 200,818 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: Hospitals want more time to repay pandemic loans — Supply shortages continue to plague testing.
  4. Business: The high-wage jobs aren't coming back
  5. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  6. Sports: Less travel is causing the NBA to see better basketball.
Kendall Baker, author of Sports
53 mins ago - Sports

Less travel is causing the NBA to see better basketball

Illustration: Aïda Amer/Axios

In addition to keeping out the coronavirus, the NBA bubble has also delivered a stellar on-court product, with crisp, entertaining play night in and night out.

Why it matters: General managers, athletic trainers and league officials believe the lack of travel is a driving force behind the high quality of play — an observation that could lead to scheduling changes for next season and beyond.

Senate Republicans release report on Biden-Ukraine investigation with rehashed information

Sen. Ron Johnson (R-Wis.). Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Senate Republicans, led by Sens. Ron Johnson (R-Wis.) and Chuck Grassley (R-Iowa), on Wednesday released an interim report on their probe into Joe Biden and his son's dealings in Ukraine.

Why it matters: The report's rushed release ahead of the presidential election is certainly timed to damage Biden, amplifying bipartisan concern that the investigation was meant to target the former vice president's electoral chances.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!