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LONDON, March 15 (UPI) -- Cadbury Schweppes PLC will separate its candy and drinks business, the British company said Thursday.
The announcement came two days after Cadbury said U.S. financier Nelson Peltz had taken a 2.98 percent stake in the company. Peltz has a history of building stakes in companies to force change.
Reports Wednesday said splitting the business was one of his aims.
Cadbury's confectionery business accounts for about 60 percent of its revenue, with beverages accounting for 40 percent, the company said.
The candy business makes products such as Cadbury and Dairy Milk chocolate and Trident and Dentyne chewing gum. Its U.S. beverages arm makes Snapple, Hawaiian Punch, A&W, 7-Up, Dr Pepper and other carbonated and non-carbonated drinks.
Cadbury Chief Executive Todd Stitzer said the board had "considered this issue" before Peltz bought his stake, but said "market speculation accelerated a final decision."
The company said it would provide further information June 19.
Peltz is the former owner of Snapple Beverage Corp., which he sold to Cadbury for $1.45 billion in 2000.
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