Cadbury Schweppes (CSG) said Friday that because of the volatility in the credit markets, a sale of its beverage unit will need more time before it can be completed.
A decision has been taken to extend the sale timetable to allow bidders to complete their proposals against a more stable debt financing market," the company said.
The British confectionary company didn't say in its press release how much extra time it has given to potential bidders.
Tom Graves of Standard & Poor's expected Cadbury to sell its North American beverage business for about $15.4 billion. He thought a deal would be announced by year end.
Cadbury had preferred an outright sale to a spinoff and said interest in the deal remains. The company will be reporting its interim financial results next week.
Shares of Cadbury were trading up 45 cents to $48.99.