GIS » Topics » GENERAL MILLS RECEIVES $750 MILLION CASH PROCEEDS FROM SVE TRANSACTION
This excerpt taken from the GIS 8-K filed Feb 28, 2005.
GENERAL MILLS RECEIVES $750 MILLION CASH PROCEEDS
FROM SVE TRANSACTION
General Mills, Inc. (NYSE: GIS) said today that its 40.5 percent ownership interest in the Snack Ventures Europe (SVE) joint
venture has been redeemed for $750 million. The redemption ends the European snack joint venture between General Mills and
General Mills reaffirmed that
it will use net cash proceeds from this transaction, estimated at $710 million, to reduce debt. The company is also targeting $675
million of operating cash for debt reduction in 2005.
General Mills will record a
book gain from the redemption of its interest in SVE in its fiscal 2005 fourth quarter results.