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Campbell and Hershey expand healthy snack offerings

The markets extended its gains during the midday with the Dow soaring 137 points to 24,789. Nasdaq climbed 58 points to 6,995.


Campbell Soup will pay a premium of approximately $4.9 billion to acquire Snyder's-Lance, which makes Hanover pretzels, Kettle chips and Pop Secret popcorn. The company known for its soups will nearly double its baked snacks revenue of approximately $2.5 billion with the deal. Campbell recently acquired organic soup company Pacific Foods also owns Pepperidge Farm, which makes Goldfish crackers.


Amplify Snack Brands will be acquired by Hershey for approximately $920 million in cash. The candy maker is responding to changing consumer preferences for healthier snacks by expanding its offerings to include SkinnyPop popcorn, Paqui tortilla chips and Tyrrell's potato chips. Nearly 57% of Amplify's shareholders support the deal.


BMW sold 100,000 electric vehicles around the world in 2017 and expects to sell more in 2018. The German luxury car maker expects to offer 12 models of electric cars by 2025. The company also announced a partnership Solid Power to develop next generation solid state battery technology for electric vehicles.


In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 gained 15 points to 2,691. Bitcoin plunged $490 to $18,690.


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