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US: PepsiCo buys out General Mills

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PepsiCo is to buy General Mills out from their joint venture. The two companies announced yesterday (13 December) that they have signed a definitive agreement directing their Snack Ventures Europe (SVE) joint venture to redeem General Mills' 40.5% ownership interest for US$750m.

The redemption will end the Snack Ventures Europe joint venture, and its operations will become wholly owned by PepsiCo. The transaction is expected to be completed early next year.

Snack Ventures Europe was established in July 1992 by combining General Mills' savoury snack and sweet biscuit businesses in France, Belgium and Holland with PepsiCo's salty and sweet snack businesses in Spain, Portugal and Greece. The venture is continental Europe's largest snack food company, with annual sales of more than US$1bn. Products marketed by SVE include: 3-Ds, Bugles, Doritos, Fritos, Hamka's, Lay's, Ruffles and Dippas.


Sectors: Soft drinks, Water

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