Cadbury Schweppes makes bid for Japanese functional candy

Cadbury Schweppes announces that it is today making a recommended tender offer for Sansei Foods, a Japanese functional candy company. Sansei sells sugar-free functional candy in Japan under the Teicalo and Xylicrystal brands. In 2006, it had a four-percent share of the almost $2 billion Japanese candy market. The offer values Sansei's issued share capital at $111 million.

Todd Stitzer, chief executive officer, says, "Sansei's sugar-free functionality products are complementary to Halls, and we see strong opportunities to develop them further in the Japanese market and potentially elsewhere. The acquisition of Sansei will further strengthen our presence in Japan, where we have gained significant gum market share since the Adams acquisition."