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Cadbury to Raise Stake in Dr Pepper/7-Up

August 21, 1993|Associated Press

LONDON — Corporate Britain escalated its invasion of American brand names Friday as the candy and soft drink conglomerate Cadbury Schweppes said it will increase its stake in Dr Pepper and Seven-Up.

Through its $231.3-million purchase of 12.18 million shares in Dr Pepper/Seven-Up Cos., Cadbury Schweppes is hoping for a partnership better able to compete with the industry's giants, Coca-Cola Co. and Pepsico Inc.

The purchase, from Prudential Insurance Co. of America at $19 a share, will raise Cadbury's holding in Dr Pepper/Seven-Up to 25.9% from 5.7%.

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