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Mars to take full control of Wrigley's with Buffett stake buy

Published 06/10/2016, 19:47
Updated 06/10/2016, 19:50
© Reuters. Buffett, chairman and CEO of Berkshire Hathaway, prepares to speak at the Fortune's Most Powerful Women's Summit in Washington
BRKa
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(Reuters) - Candy maker Mars Inc said on Thursday it would buy out billionaire investor Warren Buffett's minority stake in its Wrigley chewing gum business, taking full control.

Buffett's Berkshire Hathaway Inc (N:BRKa) bought into Wrigley in 2008, spending $2.1 billion on preferred stock to help Mars buy Wm Wrigley Jr Co for $23 billion.

Berkshire had a 19.4 percent stake in the business, the Financial Times reported. Terms of the deal were not disclosed.

Privately held Mars, the world's biggest candy maker, said it would unify its chocolate and chewing gum businesses to create a company called Mars Wrigley Confectionary that will be headquartered in Chicago.

© Reuters. Buffett, chairman and CEO of Berkshire Hathaway, prepares to speak at the Fortune's Most Powerful Women's Summit in Washington

Martin Radvan, global president of Wrigley and a 30-year veteran of Mars, will lead the new company when the businesses combine in 2017.

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