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Intl Multifoods sees Pillsbury deal done in days

09-Nov-2001

Food manufacturer and distributor International Multifoods Corp. IMC.N on Thursday said it expects to complete its $316 million purchase of specialty foods and desserts businesses from Pillsbury within days, following clearance from federal regulators.

Multifoods said it received notice that the U.S. Federal Trade Commission has granted an early end to a waiting period for the acquisitions from General Mills Inc.

 

General Mills sold the brands, which include the Hungry Jack breakfast and potato mix business, to Multifoods to satisfy antitrust concerns with its purchase of Pillsbury from British food group Diageo Plc.

 

General Mills and Diageo closed on their deal in October. The Multifoods purchase of Pillsbury brands was first announced in February and amended to add some additional brands.

 

Multifoods said it will provide updated earnings guidance for the fiscal year ending next March after the deal closes.