General Mills get EU go ahead
proposed purchase of packaged foods maker Pillsbury from Diageo
PLC, a British-based...
The European Commission on Monday cleared the GeneralMills Inc.'s proposed purchase of packaged foods maker Pillsbury from Diageo PLC, a British-based drinks conglomerate, Nandotimes.com reported this week. However the merger is still under review by the U.S. Securities and Exchange Commission and the Federal Trade Commission and must be approved by General Mills shareholders. General Mills announced in July it would buy Pillsbury for stock worth more than $5 billion and also would assume $5.14 billion in debt. Diageo will also get a 33 percent stake in General Mills. If the deal is completed, General Mills' activities in Europe will expand from current products in cake and desert mixes and breakfast cereals to include Pillsbury's frozen pastry, refrigerated baked goods, frozen vegetables and Haagen-Dazs ice cream product line, Nandotimes.com continued.