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CAMPBELL SOUP CLOSES TENDER OFFER WITH 58 PERCENT OF ARNOTTS

 CAMDEN, N.J., Feb. 5 /PRNewswire/ -- Campbell Soup Company (NYSE: CPB) announced today the successful completion of its tender offer for majority ownership of Arnotts Limited, Australia's leading producer of cookies and crackers.
 The takeover bid, launched on Oct. 12, delivered 58 percent ownership of the company to Campbell.
 Campbell, which held 33 percent of Arnotts prior to its bid, obtained more than 34 million additional shares from institutional and individual shareholders including Arnott family members at A$9.50 each, for a total of more than A$325 million (approximately US $218 million).
 Campbell Soup President and Chief Executive Officer David W. Johnson said, "We are pleased to have lifted our shareholding in Arnotts to 58 percent at the close of our offer today. We look forward to resuming a successful partnership with Arnotts' directors to build the company and reward all shareowners and employees.
 "Our Biscuit & Bakery division now has more than 50 percent of its sales and earnings generated from outside North America. We are moving toward our company vision of Campbell Brands Preferred Around the World,'" said Johnson.
 Arnotts Limited, which reported sales of A$693 million (approximately US$465 million) in fiscal 1992, will continue to be publicly traded on the Australian Stock Exchange.
 /delval/
 -0- 2/5/93
 /CONTACT: Kevin G. Lowery of Campbell Soup, 609-342-8533/
 (CPB)


CO: Campbell Soup Company; Arnotts Limited ST: New Jersey IN: FOD SU: TNM

MK-MP -- PH003 -- 3367 02/05/93 08:28 EST
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Publication:PR Newswire
Date:Feb 5, 1993
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