Shares in Premier Foods increased 20p to finish on 329.5p yesterday, following news that the food manufacturer had acquired the UK and Ireland business of Campbell Soup Company.

Yesterday, after weeks of speculation, Premier Foods acquired the business for £450m. It gives Premier control of brands including Oxo, Batchelors, Homepride and Fray Bentos.

Robert Schofield, chief executive of Premier Foods, also outlined further plans for the business. He said that Oxo and Batchelors would be classified as “drive brands”.

Of Batchelors, he said: “We think it has got a great potential to move out into wet soups and gravies.”

Schofield also revealed that he was still interested in making further acquisitions.

“I've still got a shopping list that runs into double digits. I am interested in at least a dozen assets that I can point to,” he said.