Mars & Warren Buffett Looking to Buy Wrigley
Two icons of the U.S. candy business may become one. Chewing gum legend Wrigley and Mars (makers of Snickers and M&M's, in case you live under a rock). The deal is rumored to be at the $22 billion mark, financed by none other than Bershire Hathaway, Warren Buffet's team.
Mars Inc. and Warren Buffett's Berkshire Hathaway Inc. were close to a pact to acquire Wm. Wrigley Jr. Co. for more than $22 billion, according to people familiar with the matter, in a deal that would remake the global confectionery landscape.
According to the WSJ, "a deal could spark further consolidation in the global candy business. Hershey Co. and Cadbury Schweppes PLC, for example, could be forced to merge."
In 2005, Wrigley bought Kraft's Altoids and LifeSavers, for about $1.5 billion, and has also recently purchased a Russian chocolate company.
More than just the impact this merger could have on the global confectionery landscape, this could mean the end to one of two notoriously private and independent companies.
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Posted by Bob Wallace at April 28, 2008 3:35 PM