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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
AMENDMENT NO. 1
General Mills, Inc.
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(Name of Issuer)
Common Stock, $0.10
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(Title of Class of Securities)
370334104
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(CUSIP Number)
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Timothy D. Proctor
Diageo plc
Group General Counsel
8 Henrietta Place
London W1G 0NB
+44-207-927-5200
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
Copy to:
Richard C. Morrissey
Sullivan & Cromwell
1 New Fetter Lane
London EC4A 1AN
+44-207-959-8900
October 23, 2002
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 or otherwise subject to the liabilities of the Act but shall be subject to
all other provisions of the Act (however, see the Notes).
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1 Name Of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
Diageo plc
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2 Check the Appropriate Box if a Member of a Group (a) [ ]
(See Instructions)
(b) [ ]
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3 SEC Use Only
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4 SOURCE OF FUNDS (See Instructions)
N/A
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5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Item 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization
England and Wales
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7 Sole Voting Power
NUMBER OF 0
SHARES -----------------------------------------------------
BENEFICIALLY 8 Shared Voting Power
OWNED BY 79,000,000
EACH -----------------------------------------------------
REPORTING 9 Sole Dispositive Power
PERSON 0
WITH -----------------------------------------------------
10 Shared Dispositive Power
79,000,000
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
79,000,000
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12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
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13 Percent of Class Represented by Amount in Row (11)
21.5%
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14 Type of Reporting Person (See Instructions)
CO
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1 Name Of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
Diageo Holdings Netherlands B.V.
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2 Check the Appropriate Box if a Member of a Group (a) [ ]
(See Instructions)
(b) [ ]
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3 SEC Use Only
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4 SOURCE OF FUNDS (See Instructions)
N/A
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5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Item 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization
The Netherlands
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7 Sole Voting Power
NUMBER OF 0
SHARES -----------------------------------------------------
BENEFICIALLY 8 Shared Voting Power
OWNED BY 79,000,000
EACH -----------------------------------------------------
REPORTING 9 Sole Dispositive Power
PERSON 0
WITH -----------------------------------------------------
10 Shared Dispositive Power
79,000,000
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
79,000,000
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12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
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13 Percent of Class Represented by Amount in Row (11)
21.5%
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14 Type of Reporting Person (See Instructions)
HC, CO
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1 Name Of Reporting Persons/I.R.S. Identification Nos. of Above Persons
(Entities Only)
Diageo Midwest B.V.
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2 Check the Appropriate Box if a Member of a Group (a) [ ]
(See Instructions)
(b) [ ]
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3 SEC Use Only
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4 SOURCE OF FUNDS (See Instructions)
N/A
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5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Item 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization
The Netherlands
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7 Sole Voting Power
NUMBER OF 0
SHARES -----------------------------------------------------
BENEFICIALLY 8 Shared Voting Power
OWNED BY 79,000,000
EACH -----------------------------------------------------
REPORTING 9 Sole Dispositive Power
PERSON 0
WITH -----------------------------------------------------
10 Shared Dispositive Power
79,000,000
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
79,000,000
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12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
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13 Percent of Class Represented by Amount in Row (11)
21.5%
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14 Type of Reporting Person (See Instructions)
HC, CO
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This Amendment No. 1 ("Amendment No. 1") amends and supplements the
Schedule 13D ("Schedule 13D") of Diageo plc, a public limited company
incorporated under the laws of England and Wales ("Diageo"), and Selviac
Nederland B.V., a company organized under the laws of the Netherlands and an
indirect wholly owned subsidiary of Diageo ("SNBV"), filed with the U.S.
Securities and Exchange Commission on November 13, 2001, with respect to the
common stock of General Mills, Inc., a Delaware corporation ("General Mills"),
beneficially owned by Diageo (the "Shares").
Item 2. Identity and Background.
-----------------------
Item 2 of the Schedule 13D is hereby amended and supplemented by adding
the following paragraphs at the end thereof.
On December 3, 2001, SNBV transferred the Shares to Diageo Midwest B.V.
("DMWBV"), a company organized under the laws of the Netherlands and an indirect
wholly owned subsidiary of Diageo. The principal business activities of DMWBV
relate to the holding and the financing of certain subsidiaries of Diageo. The
principal executive offices of DMWBV are located at Molenwerf 10-12, 1014 BG
Amsterdam, The Netherlands.
The sole director of DMWBV is Diageo Holdings Netherlands B.V.
("DHNBV"), a company organized under the laws of the Netherlands and an indirect
wholly owned subsidiary of Diageo. The principal business activities of DHNBV
relate to the holding and the financing of certain subsidiaries of Diageo. The
principal executive offices of DHNBV are located at Molenwerf 10-12, 1014 BG
Amsterdam, The Netherlands. References to the "Reporting Persons" herein are to
Diageo, DMWBV and DHMBW.
The name, business address, present principal occupation or employment
and citizenship of each of the executive officers and directors of Diageo and
DHNBV are set forth in Schedule I hereto and are incorporated by reference
herein.
During the last five years, to the knowledge of each of the Reporting
Persons, none of the persons listed on Schedule I hereto: (i) has been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors);
or (ii) was a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction and as a result of such proceeding was or is subject
to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
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Item 3. Source and Amount of Funds and Other Consideration.
--------------------------------------------------
The third sentence of the first paragraph of Item 3 in the Schedule 13D
shall be replaced with the following:
In addition, pursuant to the Merger Agreement Gramet received a
contingent value right to receive up to $395,000,000 of cash from the Company on
April 30, 2003, the 18-month anniversary of the Closing Date, depending on the
average of the daily high and low sales prices per share of the Common Stock
during the 20 regular trading sessions on the New York Stock Exchange for the 20
full trading days immediately preceding April 30, 2003 (the "Market Value") and
the number of shares of the Common Stock still held by Diageo and its
subsidiaries on April 30, 2003.
The second sentence of the third paragraph of Item 3 in the Schedule
13D shall be replaced with the following:
On December 3, 2001, pursuant to the terms of the Stockholders
Agreement, SNBV transferred 79,000,000 shares of Common Stock (the "Shares") to
DMWBV. As of the date hereof, DMWBV is the current record owner of the Shares.
Item 4. Purpose of the Transaction.
--------------------------
Item 4 of the Schedule 13D is hereby amended and supplemented by adding
the following paragraphs at the end thereof.
The Call Option Agreement. On October 23, 2002, DMWBV and General Mills
entered into a Call Option Agreement (the "Call Option Agreement") in which
DMWBV granted to General Mills a call option over 26,183,088 of General Mills'
ordinary shares (the "Option Shares") that are held by DMWBV.
Under the Call Option Agreement, from a date no earlier than May 1,
2003 through September 28, 2005, General Mills may exercise the call options
subject to certain limitations. If General Mills exercises any call options
during the period from September 29, 2005 to October 28, 2005, General Mills
will be obligated to exercise the call options in respect of all Option Shares
not previously purchased.
The premium for the call options was $3.07 per Option Share or an
aggregate of $80,382,080.16. General Mills has agreed to pay $51.56 per share
upon exercise of the call options. The call options expire on October 28, 2005.
The descriptions of the Call Option Agreement in this item and
throughout this Amendment No. 1 are qualified by reference to such Call Option
Agreement, a copy of which is attached hereto as Exhibit (f).
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Item 6. Contracts, Arrangements, Understandings or Relationships
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with Respect to Securities of the Issuer.
----------------------------------------
Item 6 of the Schedule 13D is hereby amended and supplemented by adding
the following at the end thereof.
As more fully described in Item 4 above, DMWBV and General Mills are
parties to a Call Option Agreement. A copy of the Call Option Agreement is
attached hereto as Exhibit (f).
Item 7. Material to be filed as Exhibits.
--------------------------------
Item 7 of the Schedule 13D is hereby amended and supplemented by adding
the following at the end thereof.
Description Exhibit
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Call Option Agreement, dated as of October 23, 2002, by (f)
and between Diageo Midwest B.V., a company organized
under the laws of the Netherlands, and General Mills,
Inc., a Delaware corporation.
Joint Filing Agreement, dated as of October 25, 2002 by (g)
and between Diageo plc, Diageo Holdings Netherlands
B.V. and Diageo Midwest B.V.
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Dated: October 25, 2002
DIAGEO plc
By: /s/ Roger H. Myddelton
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Name: Roger H. Myddelton
Title: Company Secretary
DIAGEO HOLDINGS
NETHERLANDS B.V.
By: /s/ Margaretha Gerichhausen
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Name: Margaretha Gerichhausen
Title: Director
By: /s/ Thomas H. Creighton
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Name: Thomas H. Creighton
Title: Director
DIAGEO MIDWEST B.V.
By: /s/ Margaretha Gerichhausen
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Name: Margaretha Gerichhausen
Title: Director
By: /s/ Thomas H. Creighton
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Name: Thomas H. Creighton
Title: Director
SCHEDULE I
DIAGEO PLC
DIRECTORS AND EXECUTIVE OFFICERS
Name Present Business Address Present Principal Occupation Citizenship
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Directors
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Lord Blyth of Rowington 8 Henrietta Place, London Chairman and non-executive United
W1G 0NB, United Kingdom Director of Diageo Kingdom
Paul S. Walsh 8 Henrietta Place, London Chief Executive United
W1G 0NB, United Kingdom Kingdom
Nicholas C. Rose Kingsley House, 1A Finance Director United
Wimpole Street, London Kingdom
W1G 0DA, United Kingdom
Rodney F. Chase 1 Finsbury Circus, Deputy Group Chief Executive, United
London EC2M 7BA, United BP plc Kingdom
Kingdom
Lord Hollick of Notting Ludgate House, Chief Executive, United United
Hill 245 Blackfriars Road Business Media plc Kingdom
London SE1 9UY, United
Kingdom
Maria Lilja Engelbrektsgatan 23, 114 32 Non-executive Director Sweden
Stockholm, Sweden
John K. Oates 9 Kensington Gate, London Non-executive Director United
W8 5NA, United Kingdom Kingdom
William S. Shanahan 300 Park Avenue, New York, President, Colgate-Palmolive United States
NY 10022, USA Company
Paul A Walker Sage House, Chief Executive, The Sage United
Benton Park Road, Group plc Kingdom
Newcastle upon Tyne
NE7 7LZ, United Kingdom
Sir Robert Wilson 6 St James's Square, London Chairman, Rio Tinto plc United
SW1Y 4LD, United Kingdom
Kingdom
Executive Officers
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Paul S. Walsh 8 Henrietta Place, London Chief Executive United
W1G 0NB, United Kingdom Kingdom
Name Present Business Address Present Principal Occupation Citizenship
---- ------------------------ ---------------------------- -----------
Nicholas C. Rose Kingsley House, 1A Finance Director United
Wimpole Street, London W1G Kingdom
0DA, United Kingdom
Paul A. Clinton 6 Landmark Square, President, North America Canada
Stamford, Connecticut,
06901-2704, USA
Stuart R. Fletcher Kingsley House, 1A President, Key Markets United
Wimpole Street, London W1G Kingdom
0DA, United Kingdom
James N.D. Grover 8 Henrietta Place, London W1G Strategy Director United
0NB, United Kingdom Kingdom
Robert M. Malcolm Kingsley House, 1A President, Global Marketing, United States
Wimpole Street, London W1G Sales and Innovation
0DA, United Kingdom
Ian K. Meakins 8 Henrietta Place, London W1G President, European Major United
0NB, United Kingdom Markets and Global Supply Kingdom
Ivan M. Menezes 6 Landmark Square, Chief Operating Officer, North United States
Stamford, CT 06901-2704, America
United States
Andrew Morgan 8 Henrietta Place, London W1G President, Venture Markets United
0NB, United Kingdom Kingdom
Timothy D. Proctor 6 Landmark Square, General Counsel United States
Stamford, CT 06901-2704,
United States
Gareth Williams 8 Henrietta Place, London W1G Human Resources Director United
0NB, United Kingdom Kingdom
Roger H. Myddelton 8 Henrietta Place, London W1G Company Secretary United
0NB, United Kingdom Kingdom
DIAGEO HOLDINGS NETHERLANDS B.V.
DIRECTORS AND EXECUTIVE OFFICERS
Name Present Business Address Present Principal Occupation Citizenship
---- ------------------------ ---------------------------- -----------
Directors
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Margaretha C.T.M. Molenwerf 10-12, 1014 BG Director of Business & Legal Netherlands
Gerichhausen Amsterdam, The Netherlands Director of Diageo Holdings
Netherlands
Thomas H. Creighton Molenwerf 10-12, 1014 BG Finance Director of Diageo United
Amsterdam, The Netherlands Amsterdam Kingdom
Peter W.B. Kreutzner Molenwerf 10-12, 1014 BG Global Brand Director Gin & Canada
Amsterdam, The Netherlands Portfolio Brands of Diageo
Amsterdam
Charles D. Coase St James's Gate, Dublin 8, Finance Director of Guinness UDV United
Ireland Ireland Kingdom
Ravi Rajagopal Kingsley House, 1A Wimpole Controller of Diageo India
Street, London W1G 0DA,
United Kingdom
James D. Marshall 6 Landmark Square, Stamford, Vice President Tax Diageo North United
Connecticut 06901-2704, USA America Kingdom
Timothy D. Proctor 6 Landmark Square, General Counsel of Diageo United States
Stamford, CT 06901-2704,
United States
Robert J. Moore 8 Henrietta Place, London W1G Treasurer of Diageo United States
0NB, United Kingdom
Joel W. Walters 8 Henrietta Place, London W1G Tax Director of Diageo United States
0NB, United Kingdom
John O. Stewart 6 Landmark Square, Stamford, Chief Financial Officer of United
Connecticut 06901-2704, USA Diageo North America Kingdom
Executive Officers
------------------
There are no Executive Officers of Diageo Holdings Netherlands B.V.
EXHIBIT INDEX
(f) Call Option Agreement, dated as of October 23, 2002, by and between
Diageo Midwest B.V., a company organized under the laws of the
Netherlands and General Mills, Inc., a Delaware corporation.
(g) Joint Filing Agreement, dated as of October 25, 2002 by and between
Diageo plc, Diageo Holdings Netherlands B.V. and Diageo Midwest B.V.