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Strategies & Market Trends : Speculating in Takeover Targets

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Oct 8 9:30 AM EDT

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From: richardred	3/19/2008 12:55:39 AM
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Campbell Completes Sale of Godiva Chocolatier Business to Yildiz Holding A.S. for $850 Million Tuesday March 18, 5:15 pm ET $600 Million of Proceeds to Be Used to Fund New Share Repurchase Plan; Company Updates Guidance for Fiscal 2008 CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB - News) today announced it has completed the sale of its Godiva Chocolatier business to Yildiz Holding A.S. for $850 million. Campbell announced the agreement of sale on December 20, 2007. Campbell also announced today that its Board of Directors has authorized using approximately $600 million of the net proceeds of the sale of Godiva to purchase company stock in open market transactions. The company expects these purchases to be substantially completed in fiscal 2008. This share repurchase authority is in addition to Campbell’s ongoing practice of buying back shares sufficient to offset shares issued under incentive compensation plans. Following the divestiture of the Godiva business, Campbell updated its fiscal 2008 sales and earnings guidance. For fiscal 2008, the company expects its continuing operations to deliver sales growth in excess of its long-term target range of between 3 and 4 percent, due in part to the favorable impact of currency and a 53rd week of sales in the fiscal year. Campbell expects to deliver EBIT growth from continuing operations between 5 and 7 percent from the fiscal 2007 adjusted base of $1.200 billion. Excluding items impacting comparability, the company expects adjusted net earnings per share growth between 5 and 7 percent from the fiscal 2007 adjusted base of $1.95, which is unchanged from previous guidance. While Campbell expects the divestiture will be accretive to earnings per share in fiscal 2008, the company intends to make additional investments in brand building and cost reduction initiatives. Detailed financial information outlining the historical pro forma impact of the transaction and the anticipated use of proceeds is being made available through a public filing. Douglas R. Conant, Campbell's President and Chief Executive Officer, said, “This latest share repurchase program represents our ongoing confidence in our more focused portfolio and is a continuation of our commitment to deliver strong investor returns.” Godiva has annual sales of approximately $500 million. biz.yahoo.com

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