Mars to buy Wrigley for $23 billion

0 Comments | AFP, April, 2008

WASHINGTON (AFP) — US candy giant Mars announced plans with Warren Buffett's Berkshire Hathaway on Monday to buy chewing gum maker Wrigley for some 23 billion dollars.

The deal calls for Wrigley shareholders to get 80 dollars in cash per share, a premium of at least 28 percent on its latest closing price.

Financing for the transaction will be provided by Berkshire Hathaway, and investment banks Goldman Sachs and JPMorgan Chase.

Berkshire Hathaway, the holding company of the world's richest person, Buffett, will make a minority equity investment in the Wrigley subsidiary.

The company combines Mars, a privately held firm based in McLean, Virginia, which makes Snickers, M&M's and Dove candy along with products such as Uncle Ben's rice, with Wrigley, the...