Mars to buy Wrigley for $23 billion

NEW YORK (CNN) - Popular candy maker Mars Inc. announced Monday it will purchase confectionary giant Wm. Wrigley Jr. Co. in an all-cash deal valued at approximately $23 billion.

The deal includes financial backing from Warren Buffett's Berkshire Hathaway.

It will combine an assortment of the world's most recognizable candy brands - Mars' Snickers, M&Ms and Milky Way with Wrigley's Juicy Fruit, Lifesavers and Altoids - all under one corporate portfolio.

"The transaction builds the Mars business by strengthening and diversifying its confectionary business, and enhancing its potential for growth in the chocolate, non-chocolate confectionary and gum categories," Mars said in a written statement.

–From CNN's Miguel Susana