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News Summary: Campbell sells European business

The Associated Press

THE DEAL: Campbell Soup said it's selling its European simple meals business to private equity firm CVC Capital for 400 million euros ($542 million).

BIG PICTURE: CEO Denise Morrison has been working to reshape the company, in part by diversifying with the acquisition of fresher products, where sales are expected to grow at a faster rate.

DETAILS: The company had already said the deal was in the works in August. It includes Campbell's national brands of soups, sauces and simple meals, as well as four production plants.