USA: General Mills reaches partial insurance settlement related to 1994 oats incident
General Mills has reached a partial settlement with a group of global insurance companies who participated in the reinsurance of a property policy covering a 1994 oats handling incident. The company will record this partial settlement, totaling approximately $55 million pre-tax net of associated costs ($34 million after tax or 12 cents per share), in the fourth quarter of fiscal 2001, which ended May 27, 2001. The settlement proceeds will be reported as an unusual item. General Mills remains on track to achieve double-digit growth in reported earnings per share for the 2001 fiscal year before including unusual items.
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