MADRID — Food giant General Mills Inc. said Friday it’s in exclusive talks to buy a 50% stake in Yoplait SAS, a deal to further cement its long ties with the world’s second-largest yogurt maker.
The deal, potentially valuing Yoplait at $2.3 billion, could help jump start Yoplait’s reach into China and India. By acquiring the stake, General Mills would prevent a rival from obtaining the U.S. license to sell Yoplait. General Mills has had the exclusive license since 1977.
Yoplait, based in France, is jointly owned by French private equity group PAI Partners and big dairy cooperative Sodiaal SA. PAI bought the 50% stake in Yoplait in 2002. Yoplait’s is the world’s No. 2 yogurt maker behind Danone, owner of Activa.
General Mills — the Minneapolis-based owner of brands such as Cheerios cereal, Häagen-Dazs ice cream and Green Giant vegetables — said the binding offer includes a controlling role in the operating company.
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