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The deal calls for Wrigley shareholders to get 80 dollars in cash per share, a premium of at least 28 percent on its latest closing price.
Financing for the transaction will be provided by Berkshire Hathaway, and investment banks Goldman Sachs and JPMorgan Chase.
Berkshire Hathaway, the holding company of the world’s richest person, Buffett, will make a minority equity investment in the Wrigley subsidiary.
The company combines Mars, a privately held firm based in
"When this transaction is completed, we will be proud to welcome Wrigley’s associates to our company," said Paul Michaels, global president of Mars, Incorporated.
"The strong cultural heritage of two legendary American companies with a shared commitment to innovation, quality and best-in-class global brands provides a great basis for this combination. We are looking forward to continuing on our path of growth by jointly developing those values even further," he added.
In March, Buffett, 77, was named the worlds richest man on Forbes annual billionaires list which put his wealth at 62 billion dollars.
The tie-up brings together two
The William Wrigley Jr. company was founded in
Mars was founded in 1911 in