General Mills is reported to have agreed to buy Brazilian firm Yoki

General Mills is reported to have agreed to buy Brazilian firm Yoki

General Mills has reportedly agreed to buy Brazilian food manufacturer Yoki in a transaction worth BRL2bn (US$1.16bn).

Brazilian newspaper O Estado de S. Paulo today (13 February) cited sources close to both companies that said a deal had been struck.

According to the Yoki website, it sells around 600 products including popcorn, peppers and condiments from nine manufacturing sites across Brazil.

When contacted by just-food, General Mills refused to be drawn on the report. "As a standing practice, we don't respond to rumors or comment on speculation," the company said.

General Mills has a mixed record in Brazil. Three years ago, it closed its local pasta and bread businesses, which made products under brands including Forno de Minas. It sold the Forno de Mias brand to local dairy firm Laticínios Condessa. At present, it imports global brands like Haagen-Dazs ice cream and Nature Valley snack bars into Brazil.