Shares in Cadbury Plc began trading on the London stock exchange today (2 May), as the company officially became a confectionery group with its US drinks arm set to float on the New York stock exchange next week.

Cadbury Schweppes's shares have now been de-listed and replaced with Cadbury Plc shares ahead of the listing of the Dr Pepper Snapple Group on the NYSE next Thursday.

A total of 1,352,990,574 Cadbury ordinary 500 pence (US$9.93) shares were issued this morning.

For every 100 Cadbury Schweppes shares held, stockholders received 64 ordinary shares in Cadbury and 36 Cadbury beverage shares.

However, Cadbury has slightly underperformed the market, an analyst at Hoare Govett told just-food this morning.

"They are down 1% compared to their previous close if you adjust for shares issued," Julian Hargreave said. "The market is up 1%."

Hargreave said this small loss was not indicative of a significant downturn in investor confidence.

"They had a good run this week after the Mars-Wrigley announcement, so perhaps we are seeing some profit taking after that," he commented.

Cadbury shares were trading at 633 pence at 12.20pm (GMT).