Timing, in capital markets as much as in comedy, is everything. In the past week, two of Britain’s biggest companies have seen their ambitions scuppered by, among other things, tardiness. Barclays considered a bid for ABN Amro for more than two years, but its bid came just too late: the troubles in the financial markets hurt Barclays Capital, dragged down the bank’s share price and, ultimately, sunk its offer. Yesterday, the seizure in the credit markets derailed plans of another FTSE 100 group, Cadbury.

The confectionery company has insisted that it had plans for the sale of its US beverage business in the pipeline for more than a year. But the strategy was rushed forward when Nelson Peltz, an activist investor, parked himself on its shareholder register. This almost exactly coincided with the stalling of the buyout business; borrowing dried up, private equity firms cut their bids for Schweppes and so the company has now been forced to opt for a demerger, listing the American drinks business in New York in the first half of next year.

As a result, Sir John Sunderland, Cadbury’s chairman, is making what seems like a forced exit from the company he has served for 40 years.

If this leaves a bitter taste in his mouth, it should. Sir John can take some of the responsibility for the recent developments at Cadbury Schweppes, but not all of it.

Todd Stitzer, the chief executive, continues to run a confectionery business that lags well behind rivals in terms of profitability. Hershey’s Kisses may not be a patch on Cadbury’s Fruit & Nut, but the US confectioner operates at roughly double the margin of the UK business.

While Mr Stitzer is aiming to improve profit levels, the rising cost of raw materials – milk, sugar and wheat – is going to work against him. Meanwhile, the success of the company’s move into the chewing gum market is far from proven.

In abandoning the sale and opting for the demerger, Mr Stitzer has made the best of a bad job of the drinks business. While his critics might say he was too slow to start the auction, his defenders will argue that he was unlucky: few predicted that the credit markets would suffer such crippling indigestion this summer.

Cadbury’s is also leaving itself open to suitors. The drinks business will not be listed until the beginning of next summer, giving potential private equity buyers time to reconsider the price of their offers. Mr Stitzer has, therefore, removed some uncertainty, but not shut down all his options.

He has, though, left two qestions hanging: what now for the rump of the confectionery business? And is he the man to lead the company? Cadbury’s is now looking for a new chairman. The board should be looking for someone with a good track record of appointing new chief executives.

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