Report: Conagra Floats Pinnacle Foods Acquisition

Conagra chief executive Sean Connolly is reportedly interested in a second bid to acquire packaged food rival Pinnacle Foods.

Reuters, citing sources familiar with the matter, reported that Conagra approached Pinnacle about a sale in recent weeks.

Connolly previously headed Hillshire Farm, which agreed to a $4.3 billion purchase of Pinnacle three years ago before Hillshire's acquisition by Tyson Foods ended those efforts.

Conagra owns the Reddi-wip, Marie Callendar's and Healthy Choice brands, while Pinnacle includes Vlasic pickles, Birds Eye vegetables and Duncan Hines baking products.

A deal would combine their operations amid continued struggles in the packaged food sector. Conagra previously cut jobs, shifted its headquarters and sold off numerous businesses under Connolly.

It's unclear whether Pinnacle is interested in a bid from Conagra. The report placed Pinnacle's market value at $7.2 billion.

Both companies, Reuters added, are among the potential suitors for the North American food business of consumer products firm Reckitt Benckiser Group, which includes French's mustard and Frank's RedHot sauce.