Asahi Breweries to acquire Schweppes Australia
December 26, 2008
by FoodBusinessNews.net Staff
TOKYO — Asahi Breweries, Ltd. announced it has entered a conditional agreement to acquire the Schweppes Beverages business in Australia from Cadbury P.L.C. for approximately £550 million ($807.3 million).
Currently, a previous agreement grants The Coca-Cola Co., Atlanta, the right to negotiate until March with Cadbury regarding a potential acquisition of the business. If Cadbury and Coca-Cola do not enter an agreement for Schweppes Australia, Cadbury will enter a binding sale and purchase agreement with Asahi. Cadbury expects the transaction to be completed by the end of April.
"The successful sales of Schweppes Australia will complete Cadbury’s divestment of its beverage options," said Todd Stitzer, chief executive officer for Cadbury. "As a result, Cadbury will focus solely on growing its chocolate, gum and candy portfolio."