The company said the move is part of a repurchase plan announced last month.
In a two-stage deal with Lehman Brothers, Campbell bought 8.3 million shares Friday for $300 million. The purchase price will be subject to an adjustmentand settled in the fourth quarter. In the second stage, Campbell will buy an additional $300 million of its stock, with Lehman delivering an initial 6.3 million shares Friay. Lehman is expected to deliver a further number of shares based on the volume weighted average price of Campbell's stock during the term of the second agreement, subject to a minimum and maximum share price.
Shares rose 35 cents to $36.25.