Cadbury Schweppes has finally fulfilled its long-standing wish to buy Pernod Ricard's soft drinks portfolio, including the Orangina brand.

After two years of protracted talks, Pernod Ricard has agreed to sell Orangina-Pampryl for 700m euros (�419m).

The deal will double Cadbury's share of the French soft drinks market to almost 19%.

"It is strategic for Pernod Ricard to give up Orangina Pampryl and for Cadbury it is strategic to buy it," said Orangina Chairman Jacques Pfister.

"When this sort of change happens, the first reflex is anxiety. It's human but one tends not to see the opportunities.

"The opportunity in this case is the development of this business both in France and abroad," he added.

'Sustainable businesses'

The sale, which will see Cadbury acquire the Pampryl, Champomy and Yoo-Hoo brands, will cover only the European, North American and Australian markets.

But Cadbury has sought to use these hubs as a platform for its transformation into a global concern.

"Our beverages operations are now clearly focused on [these three] profitable markets," said John Sunderland, Cadbury Schweppes' chief executive.

"'The potential acquisition of Orangina, Pampryl, Champomy and Yoo-Hoo... would make a significant contribution to our objective of building robust and sustainable businesses in our chosen markets."

Cadbury already owns the Oasis, Canada Dry and Seven Up brands.

Shake-up

Cadbury has attempted to secure the Orangina purchase, which was first rumoured in September, as part of a strategic shake-up which has seen it buy Snapple, Slush Puppie and Kraft Foods' sweets business.

The firm has supported the purchases through the $1bn sale of Dr Pepper and Schweppes in countries Cadbury does not currently see as core markets.

Pernod Ricard said the sale of its soft drinks brands, which account for 5% of the firm's profits, would be "an important step in recentring the group on its core activity, spirits and wines, in which it will become one of the world leaders".

The sale of Orangina-Pampryl comes nearly two years after talks between Pernod and Coke resulted in a $500m offer for Orangina. French competition officials blocked the Coke buy.

Pernod Ricard has joined Diageo to buy an $8bn drinks portfolio, including Captain Morgan rum and Glenlivet whisky, from Seagram, which has left the market to focus on its entertainment interests.

Seagram has merged with Vivendi and Canal Plus to create the world's second biggest media group.

In the City, Cadbury shares closed up 1.5p at 463.5p on Wednesday.