According to the reports of the US media, chocolate giant Mars and Warren Buffett's investment company Berkshire Hathaway are expected to acquire premium chewing gum company Wrigley for $22 billion. The reports say that the deal may be announced today. The meager of Mars and Wrigley are sure to boost the confectionary sector of the country. It is to be noted that Mars is the world's largest chocolate maker by sales. The terms and conditions of the deal are not yet known.

 

It is believed that Berkshire may provide finance to Mars for the deal and become a share holder in Wrigley. The deal would also boost the global sales of Mars as most of Wrigley's sales are outside the US. Wrigley's chewing gum brands are as Extra, Eclipse and Orbit. Wrigley has a market value of $17.3 billion.

 

Wrigley was founded by William Wrigley Jr. in the 19^th century. Initially the company only sold soap and baking powder. It was only in 1882 that it began to offer chewing gums along with the cans of baking powder. The chewing gum became more popular than the baking powder and Wrigley Jr. transformed his company to produce chewing gums.  In 2005, Wrigley bought Kraft's confectionery's assets for $1.5 billion.