M&M's candy maker Mars has teamed up with billionaire Warren Buffett to buy No. 1 chewing gum manufacturer Wm Wrigley Jrfor $23 billion, creating the world's largest confectionery company.
The deal will give Buffett a minority stake in Wrigley, which will become a separate Mars subsidiary. Buffett's other food holdings include a stake in Kraft.
The combined companies would have a major presence in chocolate, gum and candy.
I think the deal is great for Berskshire Hathaway, says Jeff Macke on CNBC’s Closing Bell. Warren Buffet has the soul of a riverboat gambler!
But if you’re looking for a piggy-back play check out Ford, Macke adds, because billionaire Kirk Kerkorian is looking to acquire a stake through his investment vehicle Tracinda. If you’d followed Kerkorian into General Motors you probably made a lot of money, I think the same could be true here, too.
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Trader disclosure: On Apr. 28, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (MSFT), (DIS), (INTC), (ATVI); Seymour Owns (AAPL), (EEM), (F), (HAL), (INTC), (MSFT), (TSO), (DUG); Seygem Asset Management Owns (GFA), (PBR); Finerman's Firm And Finerman Own (FLS), (HD), (KALU); Finerman's Firm Owns (MSFT), (NOK), (SUN), (TSO), (VLO); Finerman's Firm Owns A Bullish Call Spread In (YHOO) And Owns (YHOO) Stock; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY), (COF); Finerman's Firm Is Short The British Pound; GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC