This excerpt taken from the GIS 10-Q filed Apr 3, 2006.
(15) Subsequent Event
In February 2006, Cereal Partners Worldwide (CPW), our ready-to-eat cereal joint venture with Nestlé, announced a restructuring of its manufacturing plants in the United Kingdom. The estimated total cost of the restructuring, primarily accelerated depreciation and severance costs, is $59 million pretax expense. Our earnings from joint ventures will be reduced by our after-tax share of this expense beginning in the fourth quarter of fiscal 2006. The majority of this reduction will be in fiscal 2007.
Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations.
This excerpt taken from the GIS 10-Q filed Jan 6, 2005.
On December 13, 2004, General Mills and PepsiCo announced that they had signed a definitive agreement directing their Snack Ventures Europe (SVE) joint venture to redeem General Mills 40.5 percent ownership interest for $750 million. The redemption will end the Snack Ventures Europe joint venture. The transaction, which will result in a one-time gain, is expected to be completed in early calendar 2005. We intend to use the after-tax proceeds from this transaction to reduce debt.