UK: Intercontinental to float soft drink business
UK-based InterContinental Hotels Group is planning to float its Britannia Soft Drink business, which includes the Britvic and Robinson's brands.
The CEO of the world's second-largest hotel operator, Richard North, said on a conference call that Britannia is planning the float for between 2005 and 2008. The timing will depend on market conditions.
Britannia also owns Tango and the UK rights to Pepsi and 7UP.
The announcement by InterContinental comes after a shake-up in the ownership of Britannia. PepsiCo, the US drinks giant, has swapped its 10% stake in Britvic for a 5% share in the parent Britannia business, leaving InterContinental to consolidate its stake to 47.5%, while Allied Domecq and Whitbread reduced theirs slightly to 23.75%.
InterContinental also secured a 15-year bottling agreement with PepsiCo.
The announcement also coincided with news the company would sell between £800m and £1 billion in hotels.
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