CAMDEN, N.J.–(BUSINESS WIRE)–June 4, 2002–Campbell Soup Company
(NYSE:CPB) today announced that its Australian subsidiary, Arnott’s
Biscuits Holdings Pty Ltd, has agreed to make a cash offer of $2.00
per share (Australian) for all of the shares of Snack Foods Limited, a
leader in the Australian salty snack category. Under the terms of the
offer, Snack Foods Limited’s shareholders will also receive a dividend
of 2.5 cents (Australian) per share, previously paid in October, from
Snack Foods Limited. The acquisition will be in the form of an
all-cash tender offer, and the total consideration for the shares
would be approximately $255 million (Australian), or approximately
$145 million (U.S.).

The Board of Directors of Snack Foods Limited has unanimously
recommended that its shareholders accept the offer. In addition, Snack
Foods Limited’s largest shareholder, Thorney Holdings Pty Limited, has
granted to Arnott’s an option on up to approximately 20% of Snack
Foods Limited’s shares. Arnott’s offer will be subject to a number of
conditions, including the tender of at least 90% of the outstanding
shares in the offer and the approval of Australian antitrust and
foreign investment authorities.

Snack Foods Limited had approximately $125 million (U.S.) in sales
in 2001, and over the past two years its sales have grown an average
of 8% annually. Arnott’s, the biscuit market leader in Australia,
entered the salty snack category in 1996 with the acquisition of the
“Kettle Chip” brand. With the addition of Snack Foods Limited’s brands
in the potato chip, corn chip and other snack segments of the salty
snack market, Arnott’s will be the number two producer in the
Australian salty snack market, which has been growing at an annual
rate of 7.5% over the past three years.

“This acquisition is consistent with our transformation plan
strategy to strengthen our portfolio for predictable volume and profit
growth,” said Douglas R. Conant, Campbell’s President and Chief
Executive Officer. “Snack Foods Limited has strong brands, which will
complement our current franchise and extend our presence in the
Australian biscuit and snacking market.”

Forward-Looking Statements

This release contains “forward-looking statements” which reflect
the company’s current expectations about its future performance. These
forward-looking statements rely on a number of assumptions and
estimates which could be inaccurate and which are subject to risks and
uncertainties. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by the
company. Please refer to the company’s most recent Form 10-K and
subsequent filings for a further discussion of these risks and
uncertainties. The company disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality soup, sauces, beverages, biscuits, confectionery and
prepared food products. The company owns a portfolio of more than 20
market-leading businesses each with more than $100 million in sales.
They include “Campbell’s” soups worldwide, “Erasco” soups in Germany
and “Liebig” soups in France, “Pepperidge Farm” cookies and crackers,
“V8” vegetable juices, “V8 Splash” juice beverages, “Pace” Mexican
sauces, “Prego” Italian sauces, “Franco-American” canned pastas and
gravies, “Swanson” broths, “Homepride” sauces in the United Kingdom,
“Arnott’s” biscuits in Australia and “Godiva” chocolates around the
world. The company also owns dry soup and sauce businesses in Europe
under the “Batchelors,” “Oxo,” “Lesieur,” “Royco,” “Liebig,” “Heisse
Tasse,” “Bla Band” and “McDonnells” brands. The company is ably
supported by approximately 24,000 employees worldwide. For more
information on the company, visit Campbell’s website on the Internet
at www.campbellsoup.com.

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