Cadbury Schweppes has welcomed a move from subsidiary Vantas International to up its stake in Romanian chocolate confectionery producer Kandia-Excelent.
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Vantas International, a fund controlled by Cadbury Schweppes, increased it stake in the burgeoning chocolate producer to 95.73% from 93.32%.
Vantas paid 411,342 lei (EUR113,582) for some 2.9m shares or 2.41% of Kandia-Excelent, four months after it had acquired its 93.32% stake from investment fund Axis Investments Ltd and Austria’s Meinl Bank
A spokesman for Cadbury-Schweppes said: “Kandia is an established player in the region and an attractive package. It is the second largest confectionery company in Romania, with a 20% market share in total confectionery, and enjoys number two position in the chocolate market with a 24% share.”
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