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Strategies & Market Trends : Speculating in Takeover Targets

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Dec 12 9:30 AM EST

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From: richardred	1/23/2007 10:16:47 AM
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Hershey down the road? Wrigley to Buy Russian Chocolate Maker Tuesday January 23, 9:20 am ET Wrigley to Buy 80 Percent Stake in Russian Chocolate Company A. Korkunov for $300 Million CHICAGO (AP) -- Wm. Wrigley Jr. Co., which makes candy and gum, said Tuesday that it is buying an 80 percent initial stake in privately held Russian chocolate company A. Korkunov for $300 million. The payment will be partially offset by about $55 million in cash tax benefits. Wrigley said it will fund the purchase with available cash and a "modest" amount of debt and purchase the remaining 20 percent interest in Korkunov over time. "Entering into the premium chocolate category is not only a great strategic fit and an expected driver of new growth opportunities in one of our top priority global geographies, it also represents an important addition to our competencies and has the long-term potential to create value in marketplaces around the world," Bill Wrigley Jr., executive chairman and board chairman, said in a statement. Korkunov had an estimated $100 million in 2006 sales. The acquisition is subject to customary closing conditions, including certain regulatory clearances. biz.yahoo.com

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