MINNEAPOLIS — General Mills, Inc. has entered definitive agreements with PAI partners and Sodiaal to acquire a 51% interest in Yoplait S.A.S. and a 50% stake in a related entity that holds the Yoplait brands for €810 million ($1.15 billion).
Sodiaal, a French dairy cooperative, will hold the remaining stake in both companies. The transaction is subject to regulatory approval and is expected to close during the first quarter of the 2012 fiscal year. The companies have said after closing of the transaction they will withdraw from arbitration related to the U.S. Yoplait license, and General Mills will continue to market Yoplait in the United States.
The companies said in a joint statement that they intend to work together to support accelerated growth of Yoplait worldwide. They said yogurt is one of the most attractive food categories, but per capita consumption of yogurt is still low in many areas of the world, providing opportunity for growth.