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Campbell heir sells shares
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October 31, 1996: 6:53 p.m. ET
Grandson of soup company founder unloads 9 million shares for $720M
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NEW YORK (CNNfn) -- John Dorrance III, the grandson of the founder of Campbell Soup Co. and a major shareholder in the company, Thursday sold 9 million shares.
The trade, which is one of the largest single trades in history on the New York Stock Exchange, netted Dorrance $720 million. The shares represented 3.6 percent of Campbell's outstanding stock.
Although he has been selling large blocks of shares all throughout 1996, Dorrance began to unload even larger quantities of his stock after September, when the company announced a restructuring and initiated a stock buyback program.
Before Thursday's sale, the largest quantity Dorrance had ever unloaded at one time was 3 million shares.
Campbell Soup officials said the company was not involved in the trade.
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Campbell Soup Company
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