Activist investor Nelson Peltz has reportedly upped his stake in Cadbury Schweppes.

Peltz, who earlier this year called for Cadbury Schweppes' confectionery and beverages operations to be split, has increased his stake from 2.98% to 3.47%.

Meanwhile, Cerberus Capital Management has emerged as a surprise bidder for Cadbury's US drinks arm. The US private equity firm submitted a bid for the business earlier this month, according to reports in The Times.