Bidders eye Cadbury unit

At least two bidding groups plan to submit offers this week to acquire Cadbury Schweppes' US beverage unit for as much as US$15.8 billion ($21.4 billion), sources said yesterday.

British-based Cadbury, the world's biggest confectionery company, might spin off the US beverage unit through an initial public offering, but a sale was more likely, one source said.

One bidding group includes Bain Capital Partners, Thomas H Lee Partners and TPG, while a second team includes Blackstone Group, Kohlberg Kravis Roberts and Lion Capital.