Shareholders of Wm. Wrigley Jr. Co. have approved the company's sale to candy maker Mars Inc., creating the world's largest confection maker.
According to an article on ChicagoTribune.com, shareholders of chewing-gum maker Wm. Wrigley Jr. Co. (www.wrigley.com) have approved the company's sale to candy maker Mars Inc. (www.mars.com) creating the world's largest confection maker.
The voting results were announced Thursday at a shareholder meeting in Wrigley's hometown of Chicago. Holders of two-thirds of Wrigley's roughly 272.7 million outstanding common shares had to approve the $23 billion deal for it to go through.
The sale to privately held Snickers and M&M maker Mars bumps Britain's Cadbury PLC from the position of world's largest candy company.
Bill Wrigley Jr., executive chairman and fourth-generation family member to lead the business, told shareholders the company respected its past as a family-run business but had to look forward. He said the company will be able to grow in new ways under Mars' ownership.
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