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September, 2006 Pragati Maidan, New Delhi, India |
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Not enough to `chew` on.
Wrigley buys Kraft`s candy, mint for $1.5 bn.
Wrigley is buying Kraft’s Life Savers and Altoids candy and mint business for $1.5 billion in cash, both companies confirmed in a press conference, last week. The deal the officials confirmed will let Wrigley expand in the candy section while Kraft can pay attention to other food businesses.
Kraft share received a better price than expected, rose 2.6% on INET on the Monday before last. Wrigley shares, which closed at $67.36 on Friday on the NYSE, had not traded. The deal will result in an after tax book loss of $370m, or 22 cents a share for Kraft.
Though the acquisition is expected to slightly lower Wrigley earning in the first year. It is expected to rise after it is completed.
Date: 27-Nov-2004
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