The merger between family-owned confectionery giants Mars, Inc and WM Wrigley has been completed after Wrigley stockholders approved the deal and regulatory hurdles were cleared.
Mars, backed by Warren Buffet's Berkshire Hathaway investment house, is paying $80 per share for all Wrigley Common Stock and Class B Common Stock, valuing the chewing gum manufacturer at $23 billion. The deal was originally signed in April this year.
"We are excited to welcome Wrigley and its associates to our team," said Paul S Michaels, non-family president and CEO of Mars. "The combination of our two strong international businesses, with best-in-class global brands, creates one of the world's leading confectionery companies."
Wrigley now becomes a subsidiary of Mars and will operate as a separate business segment. As part of the transaction, Mars will transfer its global non-chocolate confectionery sugar brands to the Wrigley subsidiary.
"Today is the first day in an exciting new chapter for the Wrigley Company," said Bill Wrigley Jr, executive chairman of Wrigley. "The similar histories, values and principles shared by Mars and Wrigley provide a strong common foundation on which to build a bright future together. Becoming part of Mars opens up a world of opportunity for the expansion of our brands, the growth of our business, and the development of our associates."
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