Cadbury Schweppes Plc, British confectionery and soft drinks group, wrapped up on July 24 an expected deal to buy Spain's La Casera from the Iberian Beverages Group for Euro 117 million. Cadbury announced in May it was in talks to buy the privately-owned Spanish third largest soft drink manufacturer, which was then expected to be valued at around $72 million. According to Cadbury Schweppes, the combination of La Casera with Schweppes Spain would give it the number two overall position in the nation's soft drinks market, increasing its market share to 15 per cent from six per cent. La Casera, which employs around 520 people and made net sales of about £49 million in 2000, operates a concentrate plant near Barcelona and has three bottling plants around Spain. Its main brand is a clear lemonade, which enjoys market leadership and would complement Schweppes' own leading position in the tonic and still fruit drinks market. "The two businesses have complementary product portfolios and distribution strengths. The acquisition is in line with our strategy of building robust regional businesses and offers the opportunity for significant value creation," said Cadbury's Chief Executive John Sunderland in a statement.
