General Mills to Sell European Operations to Sodiaal

Cleary Gottlieb is representing General Mills (NYSE: GIS), which announced on March 23, 2021, that it has entered into a memorandum of understanding to sell its 51% controlling interest in Yoplait S.A.S. (Yoplait) to Sodiaal, a leading French dairy cooperative, in exchange for full ownership of the Canadian Yoplait business and a reduced royalty rate for use of the Yoplait and Liberté brands in the United States and Canada.

Following completion of the transaction, General Mills would wholly own yogurt operations in the United States and Canada that generated a combined $1.4 billion in net sales in fiscal 2020 and would distribute Yoplait and Liberté branded products in the United States and Canada on a royalty-free basis.

For more information, please see the press release here.