General Mills Inc. said Wednesday it would buy a 51-per-cent stake in French yogurt maker Yoplait for €810-million ($1.15-billion U.S.).
General Mills, which has held U.S. distribution rights to Yoplait since 1977, said it expects the deal to close in the quarter that begins at the end of May.
Yoplait is jointly owned by private equity fund PAI Partners and French dairy co-operative Sodiaal. Sodiaal will retain the remaining stake in Yoplait.
General Mills and Yoplait said that they would end an arbitration case over the U.S. licence and that General Mills would continue to market Yoplait yogurt under that licence.