General Mills to acquire Pillsbury in U.S. merger
August 01, 2000
by Emily Wilson
THE ACQUISITION by General Mills, Inc. of the worldwide Pillsbury operations of Diageo announced last month will create "a powerful branded food company with growth rates that neither one could achieve separately," according to General Mills' chairman and c.e.o. Stephen W. Sanger. The transaction is valued at U.S.$10.5 billion.
The combination of the two Minneapolis, Minnesota-based food companies — which at different times were the largest U.S. flour millers — would create the largest publicly traded U.S. food company in terms of market capitalization and the fifth-largest food company in the world.