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General Mills Buys Pillsbury for UKpound 7 Billion from London-Based Diageo.
Knight Ridder/Tribune Business News, November, 2001
By Cliff Feltham, Daily Mail, London Knight Ridder/Tribune Business News
Nov. 2--It is proving to be one of the biggest games of pass the parcel in corporate history. And there are still billions of pounds of assets to change hands.
Last night, drinks group Diageo finally completed the sale of its US food business Pillsbury - famous for its Doughboy mascot.
The sale to General Mills, worth around UKpound 7 billion, should enable it to begin buying back its shares. The prospect took the price up 13 1/2 pence to 700 pence. But this is by no means the end of a huge exercise which will cost a small fortune in bankers" and advisers" fees. Two other blockbuster deals are still waiting in the wings.
Diageo boss Paul Walsh has teamed...
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