Mars Inc buying out Buffett stake in Wrigley
The candy maker Mars Inc on Thursday said it would take full control of its Wrigley chewing gum business, acquiring the minority stake held by Warren Buffett's Berkshire Hathaway Inc (BRKa.N). Mars plans to combine Wrigley with its chocolate business, putting M&Ms, Snickers, Starburst fruit chews, Doublemint and Extra gum, and Altoids mints under one roof.
In 2008, Berkshire invested in Wrigley when it acquired $2.1 billion of preferred stock and $4.4 billion of bonds in connection with privately held Mars' $23 billion purchase of the chewing gum maker.
The bonds were repurchased in... read more
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