Drinks company Diageo has announced its exit from the food industry with the sale of its stake in US food producer General Mills.
Diageo has a $1.1bn (£640m) stake in General Mills and has arranged with investment bank Lehman Brothers to sell its shares in the company for a set price.
The drinks group obtained 141 million shares in General Mills when its sold its Pillsbury business to the US group in 2001 but since then has reduced its stake to 25 million shares.
Meanwhile, Diageo has revealed that it has completed the purchase of Irish whiskey brand Bushmills from Pernod Ricard for approximately £200 million.
Diageo has a $1.1bn (£640m) stake in General Mills and has arranged with investment bank Lehman Brothers to sell its shares in the company for a set price.
The drinks group obtained 141 million shares in General Mills when its sold its Pillsbury business to the US group in 2001 but since then has reduced its stake to 25 million shares.
Meanwhile, Diageo has revealed that it has completed the purchase of Irish whiskey brand Bushmills from Pernod Ricard for approximately £200 million.
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