Cadbury rejects drinks approach

Confectionery giant Cadbury Schweppes was today reported to have turned down a second offer worth between £6.4bn (€9.3bn) and £6.9bn (€10bn) for its drinks arm.

Cadbury’s board is understood to have rejected an offer from a private equity consortium composed of Blackstone, KKR and Lion Capital last week.

The response – reported in the Financial Times today – makes it likely the confectionery group will demerge the beverages business, which is focused on the American market with brands such as 7Up, Dr Pepper and Snapple.