Selling the family silver
Cadburry Schweppes, London, announced that it has agreed to buy Brau und Brunnen’s 72 percent interest in the Apollinaris & Schweppes joint venture in Germany for EUR151 million. The transaction includes the Apollinaris, Heppinger and Big Apple brands and gives Cadbury Schweppes 100 percent control of Apollinaris & Schweppes. The joint venture was set up in 1991.
Apollinaris, which has been sold for over 100 years, is the best known mineral water brand in Germany. The troubled Brau und Brunnen Group, Germany’s number 3 beverage group with 18 beer brands and 7 mineral water and soft drink brands, has had to sell its 72 percent interest in Apollinaris & Schweppes to reduce its debt load which stood at DM250 million (EUR125m) at the end of 2001. Brau and Brunnen is 55..
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