In 1982, the big US beer distributor Anheuser-Busch bought Campbell Taggart, a Dallas-based manufacturer of bread and snacks. It paid $560m, about $110m more than Campbell Taggart’s market value at the time. But Anheuser-Busch’s executives were confident that they could sell far more pretzels and cookies through their superior distribution and marketing channels than their new bakery division could have done alone. The extra profits would easily justify the purchase price, including the hefty premium.