caret-down

Campbell Completes Purchase of Snack Foods Limited in Australia

CAMDEN, N.J., Jul 30, 2002 (BUSINESS WIRE) — Campbell Soup Company (NYSE –
CPB) today announced that its Australian subsidiary, Arnott’s Biscuits Holdings
Pty Ltd, has received acceptances for more than 90 percent of the shares of
Snack Foods Limited, a leader in the Australian salty snack category. Campbell,
which already has received regulatory approval in Australia for this
acquisition, declared the offer to be unconditional. Under Australian corporate
law, once a company acquires 90 percent of a public company, it is entitled to
acquire the remaining outstanding shares regardless of whether they are tendered
into the offer.

Campbell announced its intent to acquire Snack Foods Limited on June 4, 2002,
when it offered $2.00 per share (Australian). Total consideration for the shares
is approximately $255 million (Australian), or approximately $145 million
(U.S.). Shareholders also received a dividend of 2.5 cents (Australian) per
share from Snack Foods Limited.

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.

“We’re pleased that this acquisition has moved ahead in an expeditious manner,”
said Douglas R. Conant, Campbell’s President and Chief Executive Officer. “The
strong brands we have acquired will complement our current Arnott’s franchise
and position its portfolio for additional growth,”

    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.

CONTACT:          Campbell Soup Company, Camden
John Faulkner (Media)
(856) 342-3738
or
Leonard F. Griehs (Analysts)
(856) 342-6428