Mars is reshaping the confectionery industry with an agreed $23bn takeover of Wrigley, the world’s biggest chewing gum maker, financed in part by Warren Buffett’s Berkshire Hathaway.

In a deal structured in a similar way to a leveraged buy-out, privately owned Mars will provide $11bn in equity, with Mr Buffett providing $4.4bn in subordinated debt. Goldman Sachs, which advised Wrigley, is supplying $5.7bn in senior debt.