EXHIBIT 99.1
FOR IMMEDIATE RELEASE
AUGUST 31, 2000
Contacts:
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(Analysts) Kris Wenker (763-764-2607)
(Media) Austin Sullivan (763-764-7264)
FTC ISSUES REQUEST FOR ADDITIONAL INFORMATION IN
GENERAL MILLS / PILLSBURY MERGER
MINNEAPOLIS, MINN.---General Mills, Inc. (NYSE: GIS) and Diageo plc (NYSE:
DEO; LSE: DGE) announced today that the Federal Trade Commission has issued a
request for additional information in connection with its antitrust review of
General Mills' proposed acquisition of the Pillsbury businesses from Diageo.
Such a request is not uncommon in a transaction of this size and was
anticipated. As previously announced, the parties expect to close the
transaction prior to calendar 2000 year end.
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This press release contains forward-looking statements based on management's
current expectations and assumptions. Such statements are subject to certain
risks and uncertainties that could cause actual events to differ. In particular,
our predictions about the timing of the Pillsbury acquisition could be affected
by regulatory and stockholder approvals. The companies undertake no obligation
to publicly revise any forward-looking statements to reflect future events or
circumstances.
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General Mills filed a preliminary proxy statement on Schedule 14A with the
United States Securities and Exchange Commission (the "SEC") on August 22, 2000
in connection with two proposals relating to General Mills' proposed acquisition
of Pillsbury to be submitted to General Mills stockholders for approval.
Stockholders of General Mills are urged to read the definitive proxy statement
when it becomes available because it will contain important information.
Investors and stockholders may obtain a free copy of the definitive proxy
statement when it becomes available at the SEC's website at www.sec.gov. General
Mills and its directors and executive officers may be deemed to be participants
in the solicitation of proxies to approve the proposals relating to the proposed
transactions. The preliminary proxy statement on Schedule 14A filed with the SEC
contains information on General Mills directors' and executive officers'
ownership of General Mills common stock.
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