General Mills Relinquishes SVE Share, Nets $750 Million

Feb 28, 2005

General Mills Receives $750 Million Cash Proceeds from SVE Transaction

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 28, 2005--General Mills, Inc. (NYSE:GIS) said today that its 40.5 percent ownership interest in the Snack Ventures Europe (SVE) joint venture has been redeemed for $750 million. The redemption ends the European snack joint venture between General Mills and PepsiCo.

General Mills reaffirmed that it will use net cash proceeds from this transaction, estimated at $710 million, to reduce debt. The company is also targeting $675 million of operating cash for debt reduction in 2005.

General Mills will record a book gain from the redemption of its interest in SVE in its fiscal 2005 fourth quarter results.

Join the discussion

We welcome your thoughtful comments. Please comply with our Community rules.
All comments will display your user name.

Want to participate in the discussion?

Register for free

Log in for complete access.


No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments