Blog: By gum! Just three weeks - and the Wrigley deal is done
Dean Best | 28 April 2008
The executives at confectioner Mars and gum giant Wrigley didn’t take long to chew over their US$23bn merger.
Chairman Bill Wrigley revealed that Mars counterpart Paul Michaels first approached him just three weeks ago on 11 April.
“A day I remember well,” Mr Wrigley laughed as he addressed reporters in the company’s hometown of Chicago following the announcement of the deal today (28 April).
Mr Wrigley hailed the transaction, saying it will take the company on to the next level.
Notably, he suggested that the deal will make the rest of the confectionery industry sit up and take notice – and that more consolidation in the sector would be likely.
But, above all, the size of the deal demonstrates that, despite concerns over the credit crunch and the health of the financial markets, there is still enough cash flowing around for such a mega-deal.
And, that when two companies want to join together, a courtship of 17 days is long enough.
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