Cadbury Schweppes plc had previously stated its interest in acquiring parts of the Nabisco business. Last week, the company submitted an indicative bid, in co-operation with Group Danone, for Nabisco Holdings Corp. Philip Morris has now acquired these businesses at a price that would not have met Cadbury Schweppes’ criteria for creating value for its shareowners.

Cadbury Schweppes is committed to growth and is prepared to structure deals creatively to achieve its goals. The company will continue to pursue any options that enable development of its business in core markets and related sectors.