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Campbell buys more soup
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January 29, 2001: 3:38 a.m. ET
U.S. soup company agrees to buy Unilever's soup business for $925 million
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LONDON (CNNfn) - Campbell Soup, the largest U.S. soup maker, has agreed to buy Unilever's dry soup and sauces business for one billion euros ($925 million).
Anglo-Dutch consumer products company Unilever agreed to sell the business after winning European Union approval for its acquisition of Bestfoods (BFO: Research, Estimates), the owner of the Knorr soup brand.
 Over the past year Unilever has spent almost $30 billion buying food companies outside Europe. In addition to Bestfoods, the company acquired diet-food maker Slim-Fast and ice cream firm Ben & Jerry's.
"We are delighted with this agreement for Campbell to acquire the entire portfolio of brands being sold as a result of the undertakings to the EC, "Unilever Foods director Patrick Cescau said in a statement.
Unilever said the sale, which includes the brands Batchelors in the United Kingdom, Royco in France and Belgium, and Heisse Tasse in Germany, is conditional on European Union approval.
The soup and sauces business, which is being sold debt free, had sales of  435 million last year, and earnings before interest and tax of 78 million.
Unilever, the world's biggest food and soap company, also recently sold its European Bakery Supplies and Elizabeth Arden businesses for about
1 billion.
Shares in Unilever rose 0.5 percent, or 2.5 pence, to 509.25 in early London trade. 
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