US confectionery manufacturer Mars announced Monday that it bought famed chewing gum firm Wrigley for 23 billion dollars, reported dpa.
Billionaire US investor Warren Buffet was said to also have been a part of the takeover, in which Wrigley shareholders received 80 dollars per share, a premium of 28 per cent on Friday's market price.
The combined concern is estimated to have revenues of 27 billion dollars for the year, with Wrigley alone worth 17 billion dollars as of most recent market activity.
The family-controlled Mars firm is known best for its Mars and Snickers bars.
According to market analysts, the Mars-Wrigley merger is liable to have knock-on effects on the market, putting greater momentum behind merger talks of competitors such as British concern Cadbury Schweppes and US producer Hershey.