The European arm of drinks group Cadbury Schweppes is expected to be sold next month for around GBP1.1bn (US$1.9bn), according to press reports.

Three bidders have been shortlisted for the business, the Financial Times has reported.

Private equity groups Permira, PAI and a consortium comprising Blackstone and Lion Capital are believed to be ready to submit second-round bids next week, the report added.

Cadbury Schweppes, which produces brands including Orangina and Oasis, was unavailable for comment.