"Classic Buffett." Those were the words that The Wall Street Journal's Deal Journal tagged onto the $23 billion deal for William Wrigley Jr. Candy maker Mars is buying the bulk of the company, but Berkshire Hathaway is taking a $2.1 billion minority interest in the deal and has also offered $4.4 billion in subordinated debt financing.
The beautiful thing about this deal, though, is that it shows once again what makes Buffett, well, Buffett. It's a crazy market out there right now and there have been any number of rumors swirling as to where The Oracle of Omaha might throw some of his Berkshire billions. Certainly it wouldn't be something outside of his circle of competence like solar cells or software. He's not known for chasing after the hottest sectors either, so it's not surprising he hasn't been buying into mining or potash. And every rumor so far of him backing up one of the struggling financials has fallen flat.
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