In 2008, Berkshire Hathaway helped the candy company Mars finance the $23 billion purchase of Wrigley. Of course, in the process, Buffett and his corporation gained a minor share of the Wrigley stock. However, it looks like the confectionery giant is looking to reacquire the shares back from Buffett.
On Thursday, Forbes reported that Mars will be buying out Warren Buffett’s minority stake in Wrigley with the intention of integrating the gum-maker into its brand lineup which currently includes Snickers and M&M’s.
“I have enjoyed all of Berkshire’s experiences with the Mars family and management and wish them the very best,” Buffett said in a statement. “Both Mars and Berkshire have profited from our investment, and that’s the way it should be.”
According to the news report, the original shareholder agreement stated that Mars would be able to purchase back half of Berkshire Hathaway’s Wrigley stakes on Thursday, and the other half in 2021. Mars, in a statement, said that it will be accelerating the purchase, but declined to say how much additional it will be paying in order to speed things up.
Currently, Berkshire Hathaway has a $2.1 billion stake in the company.
Despite the slight loss that Mars will likely take in speeding up the process, the company had nothing but good things to say about Buffett and the business transaction.
“We are grateful for the strong and productive partnership we have with Warren Buffett and Berkshire Hathaway,” Mars CEO Grant Reid said in a statement. “It is a great relationship that has yielded value on both sides.”