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Cadbury Sells ITNet Unit

November 16, 1995 GMT

LONDON (AP) _ U.K. food and drinks group Cadbury Schweppes PLC said Thursday it has sold its information technology ITnet unit to a management-led consortium for 32.5 million pounds.

Cadbury will have a 12.5 percent stake in the company and ITnet management will hold 25.1 percent. The investment capital group 3i will hold 37.4 percent and an employee benefit trust will hold 25 percent.

ITnet, set up in 1987, specializes in the outsourcing of information technology and managed financial services.

David Keppler, group finance director at Cadbury, said two thirds of ITnet’s business is now done outside the Cadbury group.

``The business of out sourcing information technology is not central to Cadbury Schweppes strategy so we consider it appropriate to realize a substantial part of our investment in the group,″ he said.