UK confectionery giant Cadbury Schweppes has confirmed it is putting its European drinks business up for sale through Goldman Sachs. The deal is expected to fetch up to £1.2bn (€1.7bn) for brands which include Schweppes, Orangina and La Casera.

Financial News reported earlier this week that private equity firms The Carlyle Group, Lion Capital and Cinven had already started lining up bids.