General Mills in Termination of European Joint Venture with PepsiCo
February 28, 2005
Cleary Gottlieb represented General Mills, Inc. in the termination of its joint venture with PepsiCo, Inc. for the manufacture and distribution of snack foods in Europe. To effect the termination, General Mills redeemed its 40.5% equity stake in the Belgian holding company that controlled the joint venture entities and sold stockholdings existing in Belgium, France, Germany, Hungary and Switzerland. The aggregate consideration for General Mills’ equity interest in the venture was $762 million.