General Mills Inc. is prepared to pay $2.22 billion for a majority stake in Yoplait to beat out competitors for the French yogurt company, according to published reports.
The Wall Street Journal reported Thursday, citing a person familiar with the matter it did not name, that the U.S. food maker would beat out seven bidders for the 51 percent stake in Yoplait held by French investment fund PAI Partners.
General Mills already has a relationship with Yoplait. The food company has manufactured Yoplait products for 30 years in the U.S.
General Mills, based in Minneapolis, did not respond to a request for comment.
Yoplait is the world's second-largest yogurt maker after Danone SA. Yoplait is owned by PAI and French cooperative dairy group Sodiaal, which is retaining its stake.