Three private equity firms are reportedly left in the race to buy Cadbury Schweppes' European drinks business, which includes the brands Schweppes, Orangina and La Casera.

Les Echos, the French daily, reports that France's PAI, UK group Permira and the US's Blackstone Group, have placed bids for the business. Blackstone has tied up with Lion Capital, the former European business of Hicks, Muse, Tate & Furst.