The auction of Britvic has been cancelled. The bid is believed to have foundered on Pepsi's reluctance to entrust its brand to a private equity group and to assure renewal of a key bottling contract. A spokeswoman said: "Shareholders were not able to reach agreement with Pepsi over a mutually acceptable bidder at a price reflecting the business' value." Britvic is jointly owned by Six Continents, Allied Domecq, Whitbread and PepsiCo. {{NEWS }}