Acquisition closed
General Mills acquires Pillsbury and 2 other brands (2001)
General Mills completed the acquisition of Pillsbury and 2 other brands on 31 October 2001 for $10.5 billion, buying from Diageo.[1]
General Mills bought Pillsbury from Diageo, roughly doubling its size. The Federal Trade Commission required the divestiture of Pillsbury's dessert and specialty products business to International Multifoods before clearing the deal.
Deal facts
- Announced
- Closed
- Value
- $10.5 billion (enterprise value)
- Buyer
- General Mills
- Seller
- Diageo
- Assets
- Pillsbury, Old El Paso, Häagen-Dazs (North America)
- Regulatory review
- None recorded
Ownership changes recorded from this deal
| Owner | Owned | Relationship | Stake | From | To |
|---|---|---|---|---|---|
| Diageo | Pillsbury | owns | 100% | 1989-01-01 | 2001-10-31 |
| Diageo | Old El Paso | owns | 100% | 1989-01-01 | 2001-10-31 |
| Diageo | Häagen-Dazs (North America) | owns | 100% | 1989-01-01 | 2001-10-31 |
| General Mills | Häagen-Dazs (North America) | owns | 100% | 2001-10-31 | present |
| General Mills | Pillsbury | owns | 100% | 2001-10-31 | present |
| General Mills | Old El Paso | owns | 100% | 2001-10-31 | present |
| General Mills | Progresso | owns | 100% | 2001-10-31 | present |
Who owns these brands today?
- Pillsbury — owned by General Mills since 2001
- Old El Paso — owned by General Mills since 2001
- Häagen-Dazs (North America) — owned by General Mills since 2001
Sources (1) & corrections
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
- [1] General Mills, Inc. Annual Report on Form 10-K — SEC EDGAR, SEC Form 10-K; retrieved 6 September 2026.
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