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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, for $23bn (£11.5bn). | 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. |
| 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. | 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. |
| Wrigley's dominates the global chewing gum market despite growing competition from rival Cadbury Schweppes in recent years. | Wrigley's dominates the global chewing gum market despite growing competition from rival Cadbury Schweppes in recent years. |
| The firm had a strong 2007, generating $932m in annual profit on sales of $5.4bn thanks to buoyant business in Europe and Asia. However, sales in the US have been flat. | |
| No sticking points | 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. | 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. | 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 | 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. | 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 its shareholders. | Wrigley's board has backed the deal, which must be approved by its shareholders. |
| "This is a great transaction at a great price," Mr Wrigley said. | "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." | "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." |
| WRIGLEY'S DETAILS Founded in 1891Brands include Spearmint Gum, Juicy Fruit and OrbitAnnual sales of $5.4bn The chewing gum war | WRIGLEY'S DETAILS Founded in 1891Brands include Spearmint Gum, Juicy Fruit and OrbitAnnual sales of $5.4bn The chewing gum war |
| Mars, which is a private company, said the deal would create the "best" as well as the biggest confectionery business in the world. | Mars, which is a private company, said the deal would create the "best" as well as the biggest confectionery business in the world. |
| "We share common values and ways of doing business," Mars president Paul Michaels. | "We share common values and ways of doing business," Mars president Paul Michaels. |
| As part of the deal, Warren Buffett's Berkshire Hathaway will purchase a minority stake in Wrigley's worth $2.1bn. | 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. | "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. |
| MARS DETAILS Founded in 1911Brands include Milky Way, Snickers and StarburstAnnual sales of $22bn | |
| The combined business will employ about 64,000 staff and control a wealth of top brands. | The combined business will employ about 64,000 staff and control a wealth of top brands. |
| As part of the deal, responsibility for Mars' existing sweets range, such as Starbucks and Skittles, will transfer to Chicago-based Wrigley's. | As part of the deal, responsibility for Mars' existing sweets range, such as Starbucks and Skittles, will transfer to Chicago-based Wrigley's. |
| As well as its chocolate business, Mars owns a range of food and household goods including Uncle Ben's rice and Whiskas cat food. | As well as its chocolate business, Mars owns a range of food and household goods including Uncle Ben's rice and Whiskas cat food. |
| Wrigley's UK operation is based in Plymouth while Mars is located in Slough, Berkshire. |