Cadbury Schweppes took the next step on its path towards a break-up yesterday by announcing the date that it plans to spin off its US beverages business in New York.

Seeking to calm investors' fears that the listing might not go ahead, Cadbury said that it had obtained “definitive” credit agreements of £1.9 billion from a consortium of banks to allow it to press ahead with the float on May 7.

Shares in Cadbury fell last week after speculation mounted that the beverages and confectionery giant might not be able to raise the necessary financing for the spin-off amid increasing turmoil in the credit markets.

However, Cadbury said yesterday that JPMorgan Chase, Bank of America, Goldman Sachs Credit Partners, Morgan Stanley and UBS had agreed to provide £1.9 billion of financing to the listed unit, which will be called Dr Pepper Snapple Group (DPSG).

A spokeswoman for Cadbury said that the company's caution about the state of the credit markets had prompted it to secure definitive credit agreements from the banks rather than the usual commitment letter, which states only the intention of banks to lend. The fresh funds are needed to refinance the £1.9 billion of Cadbury group debt that will be carved off into DPSG when it floats.

Meanwhile Cadbury plc, home to the eponymous chocolate as well as Trebor, Bassett and Trident chewing gum, will be relisted in London and continue to hold £1.65 billion of debt.

Julian Hardwick, an analyst at ABN Amro, said: “It's given the market certainty that the demerger is going to happen and clarity on the timetable, but the big uncertainty is the value of the two constituent parts.”

The move, which was first announced last October, is a victory for Nelson Peltz, the activist US investor who acquired a 3 per cent stake in the drinks and confectionery giant last year and has been pushing for a shake-up ever since. He now owns about 4.5 per cent.

Cadbury said at the time that it was already considering a break-up of its vast empire, but observers say it took Mr Peltz's intervention to make the group take action.

Listing the beverages business in New York makes sense given that the group's major competitors, Coca-Cola and Pepsi, are both American and there were no comparables for the business in Europe. The larger question is what will happen to the rump of the business in London.

A standalone confectionery business will be vulnerable to a takeover, with America's Hershey named as the most likely bidder. Todd Stitzer, the company's chief executive, has embarked on a turnaround plan to improve Cadbury's operating margins, which are much lower than those of its peers. The rising cost of raw materials also will work against the company.

Analysts played down any suggestion that a suitor could soon pounce. Mr Hardwick said: “I don't think Hershey is in a position to do anything. It's facing a lot of challenges itself on the trading front after it reported very disappointing results last year.”

Cadbury still needs shareholder approval for the demerger, but analysts said it is not expected to run into any opposition. Investors will swap their one share for two - one in each of the new businesses.

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