April 28 (Bloomberg) -- Mars Inc., backed by billionaire Warren Buffett, agreed to buy Wm. Wrigley Jr. Co. for $23 billion to create the world's biggest candy maker.
Wrigley surged 23 percent in New York trading today after the companies said Mars would pay $80 for each of the gum maker's shares, with Buffett's Berkshire Hathaway Inc. providing part of the financing. Mars is offering 28 percent more than Chicago-based Wrigley's closing price on April 25.
The combined company will have $27 billion in annual sales and 14 percent of the world's candy market. Buffett will get more than 10 percent of Mars's Wrigley unit. Mars, the maker of M&Ms and Snickers, will add its Starburst and Skittles candies to 117-year-old Wrigley's Lifesavers and Altoids brands.
1 comment:
April 28 (Bloomberg) -- Mars Inc., backed by billionaire Warren Buffett, agreed to buy Wm. Wrigley Jr. Co. for $23 billion to create the world's biggest candy maker.
Wrigley surged 23 percent in New York trading today after the companies said Mars would pay $80 for each of the gum maker's shares, with Buffett's Berkshire Hathaway Inc. providing part of the financing. Mars is offering 28 percent more than Chicago-based Wrigley's closing price on April 25.
The combined company will have $27 billion in annual sales and 14 percent of the world's candy market. Buffett will get more than 10 percent of Mars's Wrigley unit. Mars, the maker of M&Ms and Snickers, will add its Starburst and Skittles candies to 117-year-old Wrigley's Lifesavers and Altoids brands.
Post a Comment