LONDON (AP) -- Cadbury PLC said Thursday it will sell its Schweppes Beverages business in Australia to Asahi Breweries Ltd. for 550 million pounds ($767 million), the confirmation of a conditional deal made in December.
The agreement was sealed after The Coca-Cola Co. said it would not exercise its right, granted in 1999, to negotiate with Cadbury on any potential sale of the Australian drink business.
Cadbury and Asahi had announced a conditional agreement on Dec. 24.
Cadbury, which has disposed of its drinks business to concentrate on its chocolate, chewing gum and candy business, said it expects conditions to closing the deal will have been satisfied by April 30.