Mars, the makers of M&M’s, was near a deal Sunday night to acquire the Wm. Wrigley Jr. Co., the chewing gum concern, for more than $22 billion, people involved in the talks said.
The Mars-Wm. Wrigley Jr. deal has an unusually famous financier: Warren Buffett. Buffett’s Berkshire Hathaway is helping finance the transaction for Mars, people in the talks said. Buffett has a long history with iconic food and beverage businesses. He was an early investor in Coca-Cola and is a candy owner in See’s Candies.
The deal is expected to be announced as early as today, the people said, though they cautioned the transaction could be postponed or collapse.
The sale price represents an enormous premium over Wm. Wrigley Jr.’s market value, which was $17.3 billion Friday. Spokesmen for Mars, Wm. Wrigley Jr. and Berkshire Hathaway could not be reached Sunday night.
Among Wrigley’s brands are Extra, Orbit and Eclipse gums as well as LifeSavers and Altoids. Mars has M&M’s, Snickers, Starburst, Skittles and Twix. Mars also makes Uncle Ben’s rice products and pet food under the Pedigree brand.
