Wrigley shareholders agree to sale

Published: Sept. 26, 2008 at 9:03 AM

CHICAGO, Sept. 26 (UPI) -- Wm. Wrigley Jr. Co. shareholders in Chicago agreed to a sale of the company to privately owned Mars Inc., of Virginia for $23 billion, the company said.

Wrigley, which has been publicly traded since 1923, will remain in Chicago and expects to maintain its current management, the Chicago Tribune reported Friday.

William Wrigley Jr., great-grandson of the company's founder, said "the financing is very much in place and we feel we have the right institutions involved to make sure this moves forward."

Goldman Sachs has set aside $5.7 billion in debt to help fund the transaction and Berkshire Hathaway has contributed another $4.4 billion in subordinated debt, the Tribune reported. Mars' $11 billion cash contribution is also backed by JP Morgan Chase & Co. debt, the Tribune said.

"The financial markets are in turmoil but I don't think the funding for the deal is at risk," Jon Andersen, a stock analyst at William Blair & Co. told the Tribune.

© 2008 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
Statham gets 1,000th coaching victory (1 min)
ESA said comet chaser's boost a success (15 min)
World's largest cruise ship in Florida (34 min)
Brazilian blogger naming cheating victims (43 min)
UPI NewsTrack Entertainment News
Munch's 'History' stolen from art dealer
FDA considers new flu vaccine process
fark
Photoshop this lonely highway
Thought the chimp attack was fierce? "[H]e grabbed my leg with his mouth and went to jerking on...
We can't stress this enough: If you're claiming disability checks, it's best not to be a golf champion...
Another day another student/teacher sex story. With hottie female teacher picture goodness
Career-limiting move of the day: While forwarding himself a copy of a "White Pride" email he wants...
You think you've got a tough job? Imagine being the veterinarian who has to help an elephant lose...