Following completion of a deal, we will be able to focus on our faster growing confectionery and other beverage businesses.

I'm delighted that within such a short time we have achieved a firm offer for Europe Beverages at a price which reflects the quality of its brands and the strength of its management team.

The potential for growth and value creation is greater in the group's other operations, and therefore we believe it is in the best interests of our shareowners to investigate a sale of the business.

As painful as these changes may be, Dr Pepper/Seven Up cannot afford a 'business as usual' attitude given our mission to manage for value.

Europe Beverages has a great portfolio of brands, a talented management team and strong routes to market.

The potential for growth and value creation is greater in the group's other operations.