But taste will be the crucial test, said Terry Bivens, an analyst with Argus Research.

"There's something else going on, which they haven't discussed," said David Kerans, an analyst with Argus Research.

"They have this company that's a hedge against higher oil prices," said James Kelleher, an analyst at Argus Research.

"Campbell did considerably better than expected," said Terry Bivens, an analyst at Argus Research.

"It's not about the oil in the ground," said Jeb Armstrong, an energy industry analyst with Argus Research.

"They can't sell things forever," said David Kerans, an analyst with Argus Research.

"This is a big black eye," said Jim Kelleher, an analyst with Argus Research.

"The headline number looks like it came from the year 2000," Jim Kelleher, an analyst with Argus Research, said of the deal.

Daniel Peris, an analyst at Argus Research, added that most people saw no difference between the basic brands of the three companies.

Mr. Becker, at Argus Research, shares the belief that the growth of the company will accelerate.