Cadbury Delights In Turkish Gum Growth

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UK confectionery giant Cadbury Schweppes has agreed to buy Intergum, a Turkish gum business, in a deal worth US$450mn. Intergum, owned by the Amram family, specialises in low-cost chewing gum and recorded sales of US$109mn last year, controlling 46% of the Turkish gum market. It produces gum under the brands Love Is, Taxi and O2, which are sold throughout the Middle East, Eastern Europe and Russia. The deal, which comprised both cash and debt, is subject to regulatory approval by the Turkish Competition Board, and is expected to be completed by the third quarter of 2007. In a company statement