Meinl Bank, which sold its controlling interests in the second-largest sweets maker Kandia-Excelent for approximately 100 million euros, the biggest deal on the domestic food market, chose UK's Cadbury-Schweppes' offer instead of the floatation of a 50% stake in Kandia-Excelent on the Vienna Stock Exchange. "The listing of 50% in the company on the Vienna Stock Exchange had been prepared, we had already hired consultants, law firms, the financial institution. Meanwhile, Cadbury showed up and we decided that selling to the British group was the best choice for the company, for the shareholders and for the employees. The listing was a less safe option," stated Bernhard Huber, chairman of Kandia-Excelent and non-executive chairman of Julius Meinl Industrieholding GmbH. Huber specified that the decision to drop the listing plans had also led to the loss of some money, but did not reveal the exact amount. On the other hand, by selling their shares on the Bucharest Stock Exchange, the Kandia-Excelent owners made sure they would collect their approximately 100 million euros in three days from the sale. "Other companies were interested in the takeover, but we were preparing for the listing on the Vienna Stock Exchange and for that reason did not discuss with any of them, except for Cadbury Schweppes," Huber stated. Cadbury Schweppes bought 93.32% in Kandia-Excelent from Kandia NV, through its subsidiary, Axis Investments Ltd and from Meinl Bank AG, which held the shares for and on behalf of Kandia NV as custodian. Kandia NV is a private equity investment fund run by Meinl Bank AG.
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