Britain OKs Coke Buy of Cadbury Brands

Coca-Cola Co. won clearance from the British government for its $1.1-billion purchase of soft-drink brands from London-based Cadbury Schweppes. The deal won’t be referred to the U.K. Competition Commission, Secretary of State for Trade and Industry Stephen Byers said. Such a move would have further delayed completion of the sale, which was announced in December. The clearance comes after Coke scaled down its purchase of the brands, which include Dr Pepper, Crush and Canada Dry, to about 100 nations from 120. The deal now excludes Cadbury drinks in most European markets after the original $1.85-billion accord hit antitrust hurdles. On the NYSE, shares of Atlanta-based Coca-Cola fell 50 cents to close at $68.63, and Cadbury American depositary receipts rose 69 cents to close at $28.56.