The proposed US$23 billion merger between Mars Inc and Wm Wrigley Jr Co has been approved by the European Commission.
Clearance from the EU was announced yesterday, July 28, when the commission confirmed that the transaction will not impede effective competition in the European Economic Area.
It added that although both parties are active in sugar confectionary, the limited market shares do not give rise to competition concerns.
The deal, which will be closed within six to twelve months, will see Mars gain a controlling equity interest of 80.7 percent in Wrigley. Financing will be provided by Berkshire Hathaway, JP Morgan and Goldman Sachs.
The combined company will turnover more than US$27 billion in sales, according to Bill Wrigley, executive chairman of the confectionery firm.