The Cadbury Schweppes saga is unfolding as a classic story of contemporary capitalism. The Schweppes soft drinks business goes back to the late 18th century, while the defining moment for the chocolate maker came in 1824 when John Cadbury, a Quaker and lifelong supporter of the temperance movement, set up shop in Birmingham.

The better part of 200 years later, Nelson Peltz, a New York corporate raider renowned in the past for his playboy lifestyle, buys a stake of almost three per cent in what is now a confectionery and soft drinks giant. Just two days later the group announces plans to split its two businesses. Cue anguish about a betrayal of Cadbury’s roots; anxiety about the power of activist investors; and speculation about possible bidders for the demerged businesses.