Mars Aims to Buy Wrigley for Nearly $23 Billion
RENEE MONTAGNE, host:
NPR's business news starts with a merger of chocolate and chewing gum.
The chocolate candy maker Mars plans to buy the chewing gum maker Wrigley for more than $23 billion. The deal will bring many of the most famous names in candy under one corporate roof. Mars makes M&M's, Snickers and Twix, while Wrigley makes Juicy Fruit and Doublemint gum, Life Savers and Altoids.
The deal will end Wrigley's 117-year history as an independent, family-owned company. It will help Mars extend its international reach. Wrigley already makes most of its money in overseas markets. Mars is getting some back from Warren Buffet. Buffet's company, Berkshire Hathaway, will provide funding and buy a stake in Wrigley.
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