General Mills Finalizes Yoplait Deal

PARISGeneral Mills, Inc., announced the completion of its acquisition of a 51% controlling interest in Yoplait S.A.S. for a total of $1.2 billion from French private equity fund PAI Partners and French dairy cooperative Sodiaal. The cereal giant also acquired a 50% interest in a related entity that holds the worldwide Yoplait brands. Sodiaal will keep the remaining stakes in both entities.

Yoplait is a fantastic global brand with tremendous potential," said Ken Powell, Chairman and CEO, General Mills. General Mills and Sodiaal are well-positioned to advance and grow the Yoplait brand around the world. It is an exciting combination. "

General Mills has licensed the Yoplait brand from Yoplait since 1977, and operates the Yoplait business in the United States. Today, General Mills Yoplait USA business holds the No. 1 brand position in the U.S. yogurt category. Yoplait's global retail sales were reported at $65 billion in 2010.

The business will be overseen by a supervisory board with representation from General Mills and Sodiaal. Chris OLeary, General Mills executive vice president and chief operating officer, International, will have management oversight responsibility for General Mills, with Lucien Fa continuing as Yoplaits executive chairman.