Cadbury to Buy Pfizer’s Candy Unit
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Cadbury Schweppes agreed to buy Pfizer Inc.’s Adams candy unit for $4.2 billion in cash to become the world’s second-largest chewing-gum maker by adding brands such as Trident and Dentyne.
The British maker of Dr. Pepper and Dairy Milk chocolate, in its biggest acquisition, is gaining a business with $1.9 billion in sales in 2001. Adams returns Cadbury to the U.S. confectionery market after a break of 14 years.
Shares of London-based Cadbury fell $1.01 to $24.94. Shares of New York-based Pfizer slipped 57 cents to $30.48. Both trade on the New York Stock Exchange.
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