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General Mills (GIS; Baa2/BBB) Sells NA Yogurt business

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  • It has sold the US and Candian yogurt business to 2 private French co's - Lactalis & Sodiaal - for total $2.1b. They made up $1.5b of the $19.9b in FY24 sales (or 8%).
  • Cash will go to buybacks. It was net levered 3.1x at the end of May (vs. target 3x) and has headroom to ratings (at Moody's) but operating performance of recent has not been great (4Q organic sales -6%, volumes -2%).
  • FY25 (to May '25) guidance was recently affirmed at flat to +1% and adj. EBIT -2% to flat. 1Q (3m to August) results come on Wednesday (18th).
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  • It has sold the US and Candian yogurt business to 2 private French co's - Lactalis & Sodiaal - for total $2.1b. They made up $1.5b of the $19.9b in FY24 sales (or 8%).
  • Cash will go to buybacks. It was net levered 3.1x at the end of May (vs. target 3x) and has headroom to ratings (at Moody's) but operating performance of recent has not been great (4Q organic sales -6%, volumes -2%).
  • FY25 (to May '25) guidance was recently affirmed at flat to +1% and adj. EBIT -2% to flat. 1Q (3m to August) results come on Wednesday (18th).