Confectionery group Cadbury and French aerospace firm Thales are under­stood to be weighing up the disposal of their respective 20 per cent holdings, which could be worth about £150million each.

There has been spec­ulation that another Came­lot investor, the UK-listed bank­note printer De La Rue, may signal a possible disposal of its stake in a forthcoming strategic review update.

The five investors, which also comprise Royal Mail and Fujitsu, shared profits of just over £34million last year, with returns capped under the terms of Came­lot’s licence.

Cadbury’s move is seen as a further tidying up of its business interests after the recent demerger of its US soft drinks business.

Industry regulator the National Lottery Commis­sion will vet any new shareholder before its hold­ing can be approved.

The remaining investors have pre-emptive rights to buy the other stakes as well as having a veto over the introduction of new shareholders.