Cadbury Schweppes has been granted regulatory approval by Turkey’s competition watchdog for its acquisition of Turkey’s leading gum manufacturer Intergum.
However, the regulator has stipulated that Cadbury license one of its existing Turkish gum brands, Nazar, to a third party. Nazar is a sugarless gum and currently has around 2.6% of the market.
Cadbury Schweppes said it now expects the US$450m acquisition to be completed shortly.
The UK-based sweets to soft drinks group announced its move for Intergum in June. According to Nielsen data, Intergum has a 46% share of the Turkish gum market, and also exports to the Middle East, the Balkans, Russia and the CIS.
CEO Todd Stitzer said in June that the company represented a good fit with Cadbury, with its strengths in gum complementing Cadbury’s leading position in the confectionery sector.