US: Cadbury Schweppes prepares for demerger
Cadbury Schweppes has announced that Cadbury Schweppes Americas Beverages (CSAB), the entity which will own its American drinks businesses once the group's confectionery and drinks operations have demerged, has filed its initial Form 10 Registration Statement with the US Securities and Exchange Commission (SEC).
Under the proposed demerger plan, confirmed today (14 November), Cadbury Schweppes shareholders will receive shares in two new companies - Cadbury plc, which will own the group's confectionery business, and CSAB.
The SEC filing includes information on the industry, business, strategy and management of CSAB, and on risks related to both the separation and CSAB's business and operations. It also contains CSAB's financial statements for the 2004, 2005 and 2006 financial years and the half-years to June 2006 and 2007.
In addition, it outlines how the distribution of shares in CSAB and its demerger from Cadbury Schweppes will be effected, and sets out certain tax considerations for shareholders.
The initial Form 10 filing will be subject to review by the SEC. Revised versions of the Form 10 reflecting additional information, including CSAB's third-quarter and full-year 2007 results, and information related to the demerger, are expected to be filed from early 2008 onwards.
However, the demerger is not expected to be completed before the second quarter of 2008. A final Form 10 will be filed with the SEC and sent to shareholders before the demerger becomes effective, Cadbury Schweppes said.
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