Sept. 14 (Bloomberg) -- Campbell Soup Co., the world's largest soup maker, is seeking $1 billion to $1.5 billion for its Godiva chocolate division, two people with direct knowledge of the sale said.

Financial information about the unit will be sent to potential buyers later this month, said the people, who declined to be identified before an agreement is reached.

Godiva, which generates 7 percent of Camden, New Jersey- based Campbell's revenue, is for sale after 40 years as Chief Executive Officer Douglas Conant tries to sell more V8 juice and Swanson broth. Campbell may use the proceeds to reduce debt, A.G. Edwards & Sons Inc. analyst Christopher Growe wrote Aug. 9, when Campbell announced it was studying options for Godiva.

Selling Godiva ``certainly makes sense,'' said Alton Stump, an analyst at Longbow Research in Independence, Ohio. ``It's not a core asset.''

Campbell rose 23 cents to $35.68 at 4:18 p.m. in New York Stock Exchange composite trading. The stock has fallen 3.4 percent since the Aug. 9 announcement. It gained 31 percent last year.

Lindt & Spruengli AG may be one of the bidders, the people said. The Kilchberg, Switzerland-based chocolate maker said Sept. 4 it was considering making an offer.

Campbell won't comment on potential bidders or the timing of its review of Godiva, spokesman Anthony Sanzio said.

The company is expanding into China and Russia, whose economies are growing faster and where soup consumption outpaces the U.S.

Market Share

Godiva competes with Vevey, Switzerland-based Nestle SA and Lindt & Spruengli, the maker of Ghirardelli chocolates.

Godiva accounted for 0.6 percent of the global chocolate confectionery market last year, ranking 17th behind Mars Inc.'s top-selling M & M's candies and Snickers bars, according to Euromonitor International Plc, a London-based market research company. Godiva was 11th in the U.S. with 2 percent of the market, trailing Reese's made by Hershey Co.

Nestle said Feb. 22 it didn't plan any acquisitions to expand its chocolate business. ``I don't see now, into the future, any major acquisition,'' Chairman and Chief Executive Officer Peter Brabeck said in an interview Aug. 15.

Possible bidders include Hershey Co., closely held Mars Inc. of McLean, Virginia, and London-based Cadbury Schweppes Plc, the world's biggest candy maker, according to a report last month from Credit Suisse Group analyst Rob Moskow.

Kirk Saville, a spokesman for Hershey, Pennsylvania-based Hershey, declined to comment. Calls to Cadbury spokespeople weren't immediately returned.

Zurich-based Barry Callebaut AG, the world's biggest maker of bulk chocolate, ruled itself out of the bidding for Godiva yesterday.

To contact the reporters on this story: Ambereen Choudhury in London achoudhury@bloomberg.net; Jacqueline Simmons in Paris jackiem@bloomberg.net

Last Updated: September 14, 2007 16:30 EDT