P.M. BRIEFING : Sale Speculation Boosts Campbell

Shares in Campbell Soup Co. shot higher on takeover speculation today after the death over the weekend of former Chairman John Dorrance Jr., whose family controls nearly 58% of Campbell’s stock.

Campbell stock rose $4.375, or nearly 13%, to $37.75 at noontime as one of the most active issues on the New York Stock Exchange. Campbell’s NYSE opening was delayed for nearly an hour.

Securities analysts said Dorrance’s death ignited takeover speculation because Dorrance family members may consider selling their stake in the food company, best known for its wide range of red-and-white labeled soups.

“Everyone knew that Jack did not want to sell. Maybe now his family would be more amenable to selling,” said securities analyst Pavlos Alexandrakis of Argus Research Corp.