General Mills - the maker of Cheerios, Bisquick and Yoplait - has secured approval from US Federal Trade Commission (FTC) for the acquisition of Annie's, a natural and organic food company.
The approval is given under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Under the deal, General Mills will get all issued and outstanding shares of common stock of Annie's at a price of $46.00 per share, with respect to clearance under applicable antitrust and competition laws.
Headquartered in Berkeley, California, Annie's was founded in 1989. It markets more than 145 products and is present in more than 35,000 retail locations in the US and Canada.
For fiscal 2014, General Mills had worldwide sales of $17.9bn. Its brands include Cheerios, Fiber One, Haagen-Dazs, Nature Valley, Yoplait, Betty Crocker, Pillsbury, Green Giant, Old El Paso, Wanchai Ferry, Yoki and more.
