Cadbury rejects second offer for drinks business

LONDON Cadbury Schweppes rejected a second offer to buy its drinks division, according to CNNMoney.com.

The Web site cited a Financial Times story that claimed a group of private equity firms, including Blackstone Grou and Lion Capital, offered over $13 billion, which Cadbury turned down as it would have been involved in financing the sale.

This second rejection increases the likelihood that Cadbury will spin off its drinks business, which includes Snapple and Dr. Pepper.

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