UK confectioner Cadbury announced today (12 March) that it entered into a definitive agreement with Asahi Breweries concerning the sale of the Schweppes Beverages business in Australia for a total consideration of GBP550m (US$795.9m).
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On 24 December, Cadbury announced that it had reached a conditional agreement with Asahi, subject to a right of negotiation granted to The Coca-Cola Company in 1999.
Coca-Cola has confirmed that it does not intend to pursue its right of negotiation. Cadbury and Asahi have consequently entered into a definitive sale and purchase agreement.
The agreement with Asahi is subject to normal closing conditions, which do not include financing or competition authority clearance conditions.
Cadbury expects that the pre-conditions to closing will have been satisfied by the end of April.
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