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CAMPBELL'S Co Director's Dealing 2008

May 14, 2008

30654_dirs_2008-05-14_be605c88-999b-4f91-9135-0c5b308b7478.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CAMPBELL SOUP CO (CPB)
CIK: 0000016732
Period of Report: 2008-01-18

Reporting Person: Callaghan Patrick (Vice President)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2008-01-18 Common Stock J 8750 $0.00 Disposed 74407 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2008-01-18 Phantom Stock $ J 8750 Acquired Common Stock (8750) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 3525 Indirect

Footnotes

F1: The reporting person elected to defer restricted shares that were granted on September 22, 2005 and reported on Table I of the Form 3 filed on November 26, 2007.

F2: 1-for-1

F3: TSR performance-restricted shares that were granted on September 22, 2005 vest 100% in three years if the Company's total shareholder return over the three-year period ranks at or above the median compared to the total shareholder returns of the companies in the S&P Packaged Foods group.

F4: Shares of phantom stock are payable in cash or stock from the Company's Deferred Compensation Plan upon reporting person's retirement, resignation or termination.