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Mars set to pocket Wrigley's gum Mars set to pocket Wrigley's gum
(20 minutes later)
Confectionery giant Mars is set to buy US firm Wrigley's, best known for its chewing gum, in a deal worth $23bn. Confectionery giant Mars is set to buy US firm Wrigley's, best known for its chewing gum, for $23bn (£11.5bn).
The takeover proposal, in which Mars is offering Wrigley's investors $80 a share, is one of the largest global deals of recent years.The takeover proposal, in which Mars is offering Wrigley's investors $80 a share, is one of the largest global deals of recent years.
Reknowned investor Warren Buffett will take a minority share in Wrigley's once the deal is completed, which is expected to take up to a year. Renowned investor Warren Buffett will take a minority share in Wrigley's once the deal is completed, which is expected to take up to a year.
Mars is best known for its chocolate brands including Snickers and M&Ms.Mars is best known for its chocolate brands including Snickers and M&Ms.
No sticking points
Since being founded in 1891, Wrigley's has been run by family members and current boss Bill Wrigley will remain as chairman following the deal.
Its principal brands include Spearmint Gum and Orbit.
We see this as a historic opportunity to preserve what is special about Wrigley in terms of value and culture Bill Wrigley, Wrigley's chairman
Combined, the Wrigley's and Mars businesses will have annual sales of more than $27bn.
Wrigley's board has backed the deal, which must be approved by shareholders of both multinational businesses.
"This is a great transaction at a great price," Mr Wrigley said.
"We see this as a historic opportunity to preserve what is special about Wrigley in terms of value and culture while continuing to grow and develop and invest in our brands."
As part of the deal, Warren Buffett's Berkshire Hathaway will purchase a minority stake in Wrigley's worth $2.1bn.
"I have been a big fan of Wrigley's business model for many years and I love their products," Mr Buffett - known as the Sage of Omaha for his shrewd investment record - said.