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CAMPBELL SOUP COMPANY ANNOUNCES TENDER OFFER FOR CONTROL OF ARNOTTS LIMITED

 CAMPBELL SOUP COMPANY
 ANNOUNCES TENDER OFFER FOR CONTROL OF ARNOTTS LIMITED
 CAMDEN, N.J., Oct. 12 /PRNewswire/ -- Campbell Soup Company (NYSE: CPB) announced today that it will make an offer of A$8.80 (US$6.34) per share for the shares that it does not already own of Arnotts Limited, Australia's leading producer of cookies and crackers. The offer is contingent on Australian government approval and required tender of shares sufficient to reach a voting majority.
 Campbell currently owns 33 percent of Arnotts' outstanding 139.2 million common shares and is by far the largest shareholder. It has been a shareholder since 1985 when it was invited by the Arnotts Board to become a major shareholder in the company. Since that time the two companies have cooperated in areas such as manufacturing technology, marketing, distribution and product development.
 For Fiscal 1992, Arnotts reported sales of US$511 million and earnings of US$38 million before extraordinary and unusual items.
 Announcing the offer, David W. Johnson, Campbell Chief Executive Officer, said: "This acquisition is very strategic for Campbell Soup Company. We have strong core competencies in baked goods, including cookies and crackers, and heat-processed foods, such as soup. Within the baked goods core competency, Arnotts will become Campbell's pan- regional brand in Asia/Pacific, joining with Pepperidge Farm in the U.S. and Delacre in Europe, all supported by world-class technology, product and marketing know-how.
 "Arnotts is the seventh-largest cookie company in the world. It is also one of the two best known brands in Australia. It is one of the great Australian companies with high quality brands, people and management. We plan to further build Arnotts in Australia but more importantly to develop its potential in Asia.
 "Asia is a key growth area for Campbell, one of the world's premier manufacturers of highest quality baked goods. Our Swanson broths are the market leader in Hong Kong and sales are growing at more than 30 percent per year with plans for imminent expansion. We have an effective sales and distribution network in place to fully support the building of Arnotts' business throughout Asia."
 Campbell's global Biscuit and Bakery Division consists of Pepperidge Farm, Inc., and Biscuits Delacre, which are respectively the leaders in premium cookies in the United States and Europe, in addition to the major interest in Arnotts.
 /delval/
 -0- 10/12/92 R
 /CONTACT: Kevin G. Lowery, 609-342-8533, or Leonard F. Griehs, 609-342-6428, both of Campbell Soup Company/
 (CPB) CO: Campbell Soup Company; Arnotts Limited ST: New Jersey IN: FOD SU:


JS -- PH001R -- 8867 10/12/92 13:20 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
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