Rarely do one-of-a-kind brands like Yoplait come up for sale. So when the French private equity firm PAI Partners said a few months ago that its 50 percent stake in Yoplait was in play, it came as no surprise that a parade of possible buyers — including well-known companies like Nestlé and PepsiCo — lined up.
With its 7 percent worldwide share of the yogurt and dairy dessert market, Yoplait appealed to the growing number of food companies seeking to expand in the health and wellness area.
But as appealing an asset as Yoplait is, selling it is something of a challenge. A number of factors, including Yoplait’s ownership structure and licensing arrangements in the United States, are complicating the process.
Perhaps the biggest uncertainty overhanging any deal is the future of the Yoplait brand in America, of which General Mills is the sole licensee. In September, Sodima, the licensing arm of the French milk cooperative Sodiaal, Yoplait’s other owner, told General Mills that it planned to terminate the licensing agreement in 2012, a move that prompted General Mills to file a petition for arbitration.
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