EU approves Mars buy of Wrigley

M&M's candy maker Mars Inc of the United States won unconditional permission from the European Commission to purchase the U.S. No. 1 chewing gum manufacturer Wm Wrigley Jr Co for $23 billion.

"There is no overlap in the
parties' core confectionery activities (chocolate and gum)," the
Commission said in a statement.

"Although both parties are active
in sugar confectionery, the limited market shares do not give rise to
competition concerns," the European Union executive added.

The deal, which billionaire Warren
Buffett helped to finance, would create the world's largest
confectionery company. Mars is privately held.

"The Commission also concluded
that there is no risk that the joint entity could use the strong
market position Wrigley currently enjoys on the gum markets to gain
an unfair advantage over their competitors through foreclosure of
chocolate markets," the executive said.

The deal will give Buffett's Berkshire
Hathaway Inc a stake of more than 10 percent in Wrigley, which will
become a separate Mars subsidiary. Buffett's other food holdings
include a stake in Kraft Foods Inc.

The combined companies would have a
major presence in the global chocolate, gum and candy businesses.

Wrigley has brands such as Extra and
Eclipse, while privately held Mars is known for its M&M's,
Snickers, Starburst and Twix.