CAMDEN, N.J.–(BUSINESS WIRE)–Sept. 29, 2006–Campbell Soup Company (NYSE:CPB) today announced that it has entered into two accelerated share repurchase agreements with an affiliate of Lehman Brothers Inc. to repurchase approximately $600 million of Campbell stock. The agreements are part of the $620 million share repurchase program authorized by Campbell’s Board of Directors in August 2006. The August 2006 program is in addition to the three-year $600 million share repurchase plan announced in November 2005 and Campbell’s ongoing practice of buying back shares sufficient to offset shares issued under incentive compensation plans.
Under the first agreement, Campbell today purchased approximately 8.3 million shares for $300 million. The purchase price for these shares is subject to an adjustment based on the volume weighted average price of Campbell’s stock during a period following execution of the first agreement. The purchase price adjustment is expected to be settled in the fourth quarter of fiscal 2007. Under the second agreement, Campbell will purchase an additional $300 million of its stock, with Lehman delivering an initial 6.3 million shares today. Lehman is expected to deliver a further number of shares based on the volume weighted average price of Campbell’s stock during the term of the second agreement, subject to a minimum and maximum share price. All of the shares repurchased under both of these agreements will be placed into treasury.
More information about the agreements can be found in Campbell’s current report on Form 8-K being filed with the Securities and Exchange Commission.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high quality simple meals, including soups, baked snacks, vegetable-based beverages, and premium chocolate products. 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.
CONTACT: Campbell Soup Company Anthony Sanzio (Media) (856) 968-4390 or Leonard F. Griehs (Analysts) (856) 342-6428 SOURCE: Campbell Soup Company
