Message #72 From:
NewsBot Date: December 11, 2006 12:03:00 PM
GIS News General Mills Board of Directors Approves Dividend Increase
MINNEAPOLIS--(BUSINESS WIRE)--The Board of Directors of General Mills (NYSE:GIS) today approved an
increase in the company’s quarterly dividend
to 37 cents per share, payable Feb. 1, 2007, to shareholders of record
Jan. 10, 2007. Previously, the quarterly dividend rate was 35 cents per
share. This marks the fourth increase in General Mills’
quarterly dividend rate since June 2005. General Mills and its
predecessor companies have now paid dividends without interruption or
reduction for 108 years.
In other actions at the board meeting, directors approved a new
authorization for the company to repurchase up to 75 million shares of
its common stock. This replaces the prior authorization, which permitted
the company to repurchase shares up to a treasury share balance of 170
million. General Mills’ treasury share balance
was 157 million at the end of its most recently reported quarter (August
2006). Purchases under the new authorization can be made in the open
market or in privately negotiated transactions, including the use of
call options, other derivative instruments, Rule 10b5-1 trading plans
and accelerated repurchase programs.
Directors also amended the company bylaws to provide for the annual
election of directors by a majority vote standard in uncontested
elections, beginning with the 2007 annual meeting of shareholders.
Previously directors were elected under a plurality vote standard.
