The purchase of the unit, which pharmaceutical giant Pfizer put on the block in June, will give British-based Cadbury Schweppes equal footing with confectionery rival Nestle and make it No. 2 to Wm. Wrigley Jr. Co. in chewing gum.
Chocolate and soft drinks
Cadbury executives also said
In September, Cadbury tried to buy Hershey Foods in a $10.5 billion joint offer with Nestle. The Hershey Trust Co., which controls Hershey foods, ultimately ended its quest to sell the company.
On the block
Pfizer, meanwhile, has been looking to sell the non-core businesses it had acquired in its merger with Warner-Lambert Co. Remaining to be sold are the Schick-Wilkinson Sword shaving products that are marketed under the Schick brand.