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U.S. markets recover from steep losses
LONDON, Oct. 10 (UPI) -- Cadbury Schweppes PLC, the British confectionery and beverage company, announced Wednesday it will spin off its beverage business rather than sell it.
Cadbury said it plans to list Cadbury Schweppes Americas Beverages, which includes sodas Dr Pepper and 7-Up, on the New York Stock Exchange through an issue of shares to Cadbury's current shareholders, The Wall Street Journal reported Wednesday. The process won't be completed before the second quarter of 2008, it said.
In March, Cadbury said its intention to separate the Plano, Texas, arm from its core candy business. At the time, Cadbury said it would either sell the business or spin it off.
"While the board continues to be committed to the principle of maximizing shareowner value, it does not believe current market conditions will facilitate an acceptable sale process," Chairman John Sunderland said.
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