Cadbury Schweppes has received a E1.85bn bid for its European beverages business.

The bid has been made by a consortium which includes private equity groups Blackstone Group International and Lion Capital.

Todd Stitzer, cheif executive officer of Cadbury Schweppes, said: "I'm delighted that within such a short time we have received a firm offer for Europe Beverages at a price which reflects the quality of its brands and the strength of its management team."

"Following completion of a deal, we will be able to focus on our faster growing confectionery and other beverage businesses," he added.