INDIA: Cadbury Schweppes offers to buy outstanding 49% in Cadbury India
Cadbury Schweppes Plc has announced that it is to acquire the outstanding 49% minority in its Indian subsidiary, Cadbury India Ltd.
In a statement Cadbury's said that subject the statutory approval the deal will be through a voluntary offer of 500 Rupees per share in cash. An offer, it said which values the minority at 8,749m Rupees.
John Sunderland, Cadbury Schweppes CEO said: "India is a key market for the Group and an important part of the Group's growth strategy.
"This transaction not only provides opportunities for value creation through closer integration of our Cadbury India business within the Group, but is consistent with our aim of owning 100% of our significant businesses around the world."
Cadbury India's sales and profit after tax for the year ended 31 December 2000 were £84m and £7m respectively.
Cadbury's anticipates the transaction to be completed by early March 2002.
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