Mars buys Wrigley to create world’s biggest candy company

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The confectionary group Mars bought Wrigley the gum company for 23 billion dollars according to The Financial Times. The deal results in the biggest confectionary company in the world with an estimate of 14.4 % of the global confectionary market and more than 27 billion dollars of annual sales. Mars is offering $80 a share for Wrigley, a 28 per cent premium to the gum maker’s closing share price on Friday of $62.45 and a 34 per cent premium to the three-month weighted average share price of $59.88. The price is pitched at a multiple of 4.3 times 2007 sales and more than 35 time earnings per share. (FT)

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