Pernod Ricard confirms that it is close to reaching an agreement to sell its soft drinks activity to Cadbury Schweppes. A special works council has been called at Orangina-Pampryl to present the project. The proposed transaction is valued at Euros 700 million. The transaction comprises the Orangina, Pampryl and Yoo-Hoo brands and associated businesses, covering continental Europe, North America and Australia. In addition, Pernod Ricard will have an option to sell to Cadbury Schweppes rights for all other countries, which represent approximately 5% of the total activity's profitability.