[AP] - General Mills says it has entered into exclusive negotiations to buy a majority stake in French yogurt company Yoplait. The binding offer with PAI Partner and Sodiaal, the owners of Yoplait S.A.S., would beat out rivals bidding for the company.
General Mills, Inc. (NYSE:GIS) is scheduled to report second-quarter earnings before market open tomorrow. The producer and seller of breakfast cereals has hardly shined in the past several quarters but there are a few bright spots in its vast portfolio of breakfast brands.
By Gabe Ortt:General Mills (GIS) with around $3 billion yogurt sales in the year 2013, continues its hunt for further innovation in yogurt business. It is increasing its reach in health food segment along with greek yogurt, by introducing blended Yoplait Greek with more flavors.
ByFusion Research:Cereals, bakery products, dairy food, and meat accounted for 50% of the overall packaged food industry in 2012. The packaged food products market is expected to reach $2.5 trillion by 2017.
The owners of Yoplait said Friday they were in exclusive negotiations with the French yogurt maker's longtime American partner, General Mills, to sell just over a 50 percent stake in the company for about 800 million euros.