UPDATE 1-Campbell Soup considers biscuit buy-source

* Blackstone, PAI bought United Biscuits in 2006

* Owners have been considering sale

* Campbell had expressed renewed interest in acquisitions

* Campbell shares up 1 pct
(Adds comments, background, share activity)

LONDON/NEW YORK, Aug 23 (BestGrowthStock) – Campbell Soup Co
(CPB.N: ), the world’s largest soup maker, is weighing a bid for
Britain’s United Biscuits, a source familiar with the situation
said on Monday.

Private equity firms Blackstone Group LP (BX.N: ) and PAI
Partners, which bought United Biscuits in 2006, are considering
selling the company for more than 2 billion pounds sterling,
Reuters reported in July. [ID:nLDE66K18C]

The Sunday Times reported that Campbell could try to buy
the biscuit-making operations for 1.5 billion pounds ($2.3
billion). It is less interested in the snacks business, the
paper reported.

Goldman Sachs and JPMorgan are advising the owners on the
sale, a person familiar with the matter said.

Campbell, the maker of Prego pasta sauces, Pepperidge Farm
baked goods and V8 juice drinks, declined to comment.

Last month, its Chief Executive Douglas Conant told
analysts that Campbell has a “renewed, but highly disciplined
interest in acquisition candidates.”

“We’re focused on organic growth and we’re looking to
complement that with smart acquisitions that take us to places
where we can’t naturally get ourselves within a reasonable time
frame,” he said at the time.

Morningstar analyst Erin Swanson said she expected Campbell
would look for bolt-on acquisitions in developing and emerging
markets, but said “anything is possible.”

Conant said a criteria for any deal would be that it
complements one of its core categories, which include simple
meals, baked snacks and healthy beverages.

Last year, Campbell bought artisan bread maker Ecce Panis
for an undisclosed sum. In 2008, it sold the Godiva chocolate

Campbell shares rose 38 cents, or 1 percent, to $37.02 on
the New York Stock Exchange.
($1=.6431 Pound)
(Reporting by Simon Meads and Julie Crust in London and Megan
Davies and Martinne Geller in New York; Editing by Jon
Loades-Carter, Robert MacMillan and Gunna Dickson)

UPDATE 1-Campbell Soup considers biscuit buy-source