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Campbell Agrees to Sell Godiva Chocolatier to Yildiz Holding A.S. for $850 Million

CAMDEN, N.J.–(BUSINESS WIRE)–Dec. 20, 2007–Campbell Soup
Company (NYSE:CPB) today announced it has entered into an agreement to
sell its Godiva Chocolatier business for $850 million to Yildiz
Holding A.S., which is the owner of the Ulker Group, a diversified
food company based in Istanbul, Turkey. Godiva will become part of the
Ulker Group. The sale price represents a multiple of nearly 15 times
EBITDA.

Godiva has annual sales of approximately $500 million.

The agreement is subject to customary closing conditions,
including required regulatory approvals. Closing is expected within
the next several months. Additional information on the financial
impact of the transaction will be released following the completion of
the sale.

Douglas R. Conant, Campbell’s President and Chief Executive
Officer, said, “We are very pleased with the value we obtained for
Godiva. The sale price reflects the strength of the Godiva business.
Godiva is one of the world’s leading premium chocolate businesses and
is an excellent strategic fit within Ulker’s portfolio. The agreement
allows Ulker to expand and diversify its portfolio with an elite,
global luxury brand and enables Campbell to sharpen our strategic
focus on simple meals, anchored by soup, baked snacks, and
vegetable-based beverages. I truly believe we have reached an
agreement that benefits all parties–Campbell, Ulker, and Godiva and
its employees.”

With sales of U.S. $7.43 billion in 2006, Ulker is the largest
consumer goods company in the Turkish food industry with biscuits,
chocolate, confectionery, food and beverages, and dairy businesses.
Ulker also has operations in packaging, industrial products, finance,
telecommunications, information technologies and services, real
estate, and trade and logistics sectors. The company has more than
25,000 employees worldwide.

In August, Campbell announced it was exploring strategic
alternatives for Godiva, including possible divestiture. At the time,
Campbell indicated that Godiva did not fit with its strategic focus on
simple meals, baked snacks, and vegetable-based beverages.

One of the world’s leading premium chocolate businesses, Godiva
products are sold through company-owned and franchised retail stores,
wholesale distribution points, including specialty retailers and finer
department stores, and on the internet.

Campbell retained Centerview Partners LLC as its financial advisor
and Davis Polk & Wardwell as its legal advisor in this matter. Yildiz
Holding A.S. retained Standard Unlu and Citi as its financial advisors
and Weil, Gotshal & Manges LLP as its legal advisor.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality foods and simple meals, including soup, baked snacks,
vegetable-based beverages, and premium chocolate products, with annual
revenues in excess of $7.8 billion. Founded in 1869, the company has a
portfolio of market-leading brands, including “Campbell’s,”
“Pepperidge Farm,” “Arnott’s,” “V8,” and “Godiva.” For more
information on the company, visit Campbell’s website at
www.campbellsoupcompany.com.

Forward-Looking Statements

This release contains “forward-looking statements” which reflect
the company’s expected future business and financial performance,
including statements about future plans, strategies, opportunities and
objectives of management; statements concerning expected development,
market performance or consumption trends of new or reformulated
products; statements concerning projections of sales, earnings or
volume growth; and statements regarding assumptions underlying any of
the foregoing. Forward-looking statements by their nature address
matters that are uncertain and are subject to risks. These
uncertainties may cause our actual results to vary materially from
those expressed or implied in our forward-looking statements. Please
refer to the company’s most recent Form 10-K and subsequent filings
for a further discussion of risks. The company disclaims any
obligation to update its forward-looking statements.


    CONTACT: Campbell Soup Company
             Anthony Sanzio (Media)
             856-968-4390
             or
             Leonard F. Griehs (Analysts)
             856-342-6428

    SOURCE: Campbell Soup Company