INDIA: Tata Tea and Cerebrus join the Cadbury sale mix
The Indian company Tata Tea has declined to comment on a report in the Indian newspaper Economic Times that Tata Group is interested in joining a bid for Cadbury Schweppes' US beverage business to secure the Snapple range of fruit drinks and iced teas.
The report had suggested that Tata Group was planning to combine with a joint bid being lodged by private equity group Blackstone and Lion Capital for the Cadbury drinks businesses which the UK-based conglomerate has said are now likely to be sold off rather than floated.
Meanwhile, according to a report in The Times, US private equity group Cerberus Capital Management has tabled a bid for the Cadbury US drinks operations which are valued at around GBP7.5bn (US$15bn).
Earlier this year, two private equity consortiums, the first comprising Bain Capital Partners, Thomas H Lee Partners and Texas Pacific Group, and the second including Blackstone Group, Kohlberg Kravis Roberts and Lion Capital, tabled bids for the drinks businesses.
The Canadian own-label soft drinks specialist Cott Corp. is also looking to link up with a private equity group in a joint bid.
The drinks industry has not been immune from the growing influence of private equity groups (PEGS) in the corporate world. Critics argue that PEGs hark back to the worst excesses of 1980s corporate gr...
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