Cadbury Schweppes shares have risen over the past few days, but market analysts are highly sceptical that rumours concerning a Nestlé takeover bid are the driving force.

Justin Scarborough of Panmure Gordon told just-food that little attention is being paid to the rumours and their impact on Cadbury share prices has been minimal at best.

"Rumours about Cadbury come and go fairly regularly," he said. "If the market gave much credence to the suggestion that Nestlé was going to launch a bid for Cadbury their share price would have increased considerably more than it has."

According to Scarborough, other factors are driving Cadbury gains. Both Danone and Nestlé have experienced comparable gains, reflecting a general trend, and Danone released good financial figures today (15 February). Share prices have risen by about 2% for all three companies. Additionally, Cadbury is due to deliver its financial results next Tuesday.

"We moved Cadbury from a sell to a buy last week and Citigroup moved them from a hold to a buy yesterday," Scarborough observed.