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Reported by Star-Bulletin staff & wire
Monday, July 17, 2000
Pillsbury sold to General Mills
LONDON -- British food and drinks conglomerate Diageo Plc is selling its U.S. food subsidiary Pillsbury, owner of the Green Giant frozen vegetable and Haagen-Dazs ice cream brands, to General Mills Inc. for $5.4 billion in stock. General Mills also will assume $5.1 billion in debt as part of the deal, which will create the world's fifth-largest food company with expected annual revenues of $13 billion, the companies said today. General Mills offers such well-known brands as the Cheerios and Chex line of cereals, and Betty Crocker and Bisquick cooking mixes.
AES to pay $2 billion for Indiana firm
INDIANAPOLIS -- AES Corp. plans to buy IPALCO Enterprises Inc. in a stock swap worth $2.15 billion, plus the assumption of $890 million in debt and preferred stock. IPALCO is an Indianapolis-based utility holding company that owns Indianapolis Power & Light, which provides retail electric service to 433,000 customers in central Indiana. AES, based in Arlington, Va., operates generation, distribution and supply businesses across the world, including the United States, Australia, Bangladesh, Canada and Mexico. In Hawaii, AES owns a coal-fired generating plant at Barbers Point. Under the deal, each share of IPALCO will be swapped for $25 worth of AES stock. AES will be issuing about 43 million shares.
In other news . . .
DULLES, Va. -- America Online Inc., the No. 1 Internet access provider, and AT&T Corp.'s wireless unit will introduce a service in September that will allow AT&T customers to receive information through cellular phones.