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The tag-team takeover of Wm Wrigley Jr. by privately owned Mars and Warren Buffett’s Berkshire Hathaway has dominated conversation Monday. But as much as Cramer said he likes the deal, he wondered if other great companies in the sector had been overlooked.
CEO William Perez took reins at Wrigley [WWY
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] when the stock was trading at 27 times earnings, and the deal with Mars and Berkshire [BRKA
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] put a value on WWY of 30 plus. If this is the case, the Mad Money host said, then companies like General Mills [GIS
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], Heinz [HNZ
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], ConAgra [CAG
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] and Kraft Foods [KFT
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] deserve higher multiples.
“All these companies should be reevaluated upwards after this,” Cramer continued, because they’re “every bit as good as Wrigley.”
One in particular, General Mills, trading at 18 times earnings, “might be a steal,” he said, meaning a takeover isn’t out of the question.
As for the talk of whether Cadbury-Schweppes [CSG
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] would make a move on Hershey [HSY
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], Cramer was doubtful.
“There's a lot of self-inflicted wounds at Hershey,” he said. “I think the time has come and gone” since neither company is in a position to pull off such a big deal. But Campbell [CPB
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] would make a good potential buyer.
Lastly, Cramer called Ralph Lauren [RL
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], Phillips-Van Heusen [PVH
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] and Apple [AAPL
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] “$600 names” because he expects Americans to spend their tax rebate checks at these stores.
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