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Chief Executive Todd Stitzer said debt markets had not recovered and an acceptable sale price was unlikely in the foreseeable future and so the board decided in early September to focus on a demerger by the second quarter of The decision came after Reuters reported in early September that the group was likely to opt for a demerger rather than selling the business, and so create a separate soft drinks company worth up to 7 billion pounds. Cadbury shares were up 0.
They had fallen from a month high of p in late May as the prospect of a quick and easy sale of the drinks unit faded. Analysts had been pencilling in a 20p-per-share payout. At the time, Mr Stitzer said the confectionery division had delivered "excellent growth" in both gum and chocolate, with underlying sales up by 7 per cent in , partly due to the resurgence in Dairy Milk after the launch of its advert featuring a drumming gorilla.
This went on to become the most watched advert online and sent Phil Collins's track "In the Air Tonight" to the top of the download chart. Join thought-provoking conversations, follow other Independent readers and see their replies. Then the credit crunch hit. Private equity buyers could not raise the kind of debt to make such a deal work and the auction plan was shelved. Instead, a demerger was to take place in conjunction with a refinancing that would provide a more modest windfall for shareholders.
But that plan was dashed as the credit market encountered further shocks.
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