Wrigley/Buffett: Gummed up with cash

Warren Buffett likes to surprise his shareholders. On the eve of Berkshire Hathaway’s annual meeting two years ago, he announced a $4bn deal to buy 80% of Iscar, an industrial group headquartered in Israel. Now, just five days before this year’s gathering, he has unveiled a $6.5bn commitment as part of confectioner Mars’ $23bn acquisition of Wrigley. It’s another multi-billion bite for the 77-year-old Berkshire chairman. But he needs more. The company throws off so much cash that in spite of in...