Rothschild has strengthened its relationship with Cadbury Schweppes, the UK food and beverages group, by advising the company for the second time on a mergers and acquisitions deal.

Cadbury Schweppes has acquired the remaining 72% stake it did not already own in Apollinaris Schweppes, a German joint venture created by the UK group and Brau & Brunnen, Germany's third largest drinks company by volume. Brau & Brennen is majority owned by HypoVereinsbank.