Campbell Sells UK Businesses

NEW YORK - Aug 15/06 - SNS -- Campbell Soup Company completed the sale of its UK and Irish businesses to Premier Foods plc following the approval of Premier's shareholders.

Campbell sold the businesses, which include products manufactured under the "Homepride", "OXO", "Batchelors", "Erin" and "Fray Bentos" brands and four manufacturing sites, for approximately $870 million at the current exchange rate.

Campbell also announced that its Board of Directors has authorized using approximately $620 million of the net proceeds of the sale to purchase company stock. These purchases are expected to be substantially completed in fiscal 2007. This share repurchase authority is in addition to the three-year $600 million share repurchase plan announced in November 2005 and the company's ongoing practice of buying back shares sufficient to offset shares issued under incentive compensation plans.