UK: Cadbury US drinks arm bidders named - report
Cadbury Schweppes is staying quiet on reports that there are at least two bidders for its US beverages arm.
Citing unnamed sources, The Times reported yesterday (13 June) that two private equity consortiums are in the running for Cadbury's drinks unit. One consortium is comprised of Blackstone, Kohlberg Kravis Roberts, and Lion Capital, while another consists of Bain Capital, Texas Pacific, and Thomas H Lee. A third possible group, made up of Canada's Cott Corp. and other private equity groups, is also thought to be looking to bid.
When contacted by just-drinks today, however, a spokesperson for Cadbury would not be drawn on the report. "We do not comment on speculation," the spokesperson said.
Cadbury confirmed in March that it will separate its US drinks operations and its confectionary business, saying it was "evaluating the options for separation". The company said moves to restructure its drinks operations in the Americas, through bottling acquisitions and a focus on core brands, had "significantly improved" the performance of the business.
The company is due to present a trading update on Tuesday (19 June). When asked if an announcement about the next step for the beverages arm would be made at the update, the spokesperson said: "You'll have to wait and see."
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