-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FffmVseM3QWYSiiLSmuG4UsaPxyW6j1g6FQxN2YqfcWo6fp5lQDfI4XGt3ruNs05 eCrBb3F9CXKwPUQFcBlmJA== 0001156973-05-001343.txt : 20050825 0001156973-05-001343.hdr.sgml : 20050825 20050825101325 ACCESSION NUMBER: 0001156973-05-001343 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20050825 DATE AS OF CHANGE: 20050825 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MILLS INC CENTRAL INDEX KEY: 0000040704 STANDARD INDUSTRIAL CLASSIFICATION: GRAIN MILL PRODUCTS [2040] IRS NUMBER: 410274440 STATE OF INCORPORATION: DE FISCAL YEAR END: 0525 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-34820 FILM NUMBER: 051047483 BUSINESS ADDRESS: STREET 1: NUMBER ONE GENERAL MILLS BLVD CITY: MINNEAPOLIS STATE: MN ZIP: 55426 BUSINESS PHONE: (763) 764-7600 MAIL ADDRESS: STREET 1: P O BOX 1113 CITY: MINNEAPOLIS STATE: MN ZIP: 55440 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DIAGEO PLC CENTRAL INDEX KEY: 0000835403 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 000000000 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 8 HENRIETTA PL STREET 2: LONDON W1G 0NB CITY: UNITED KINGDOM STATE: X0 ZIP: 00000 BUSINESS PHONE: 011442079275200 MAIL ADDRESS: STREET 1: 8 HENRIETTA PLACE STREET 2: LONDON W1G 0NB CITY: UNITED KINGDOM STATE: X0 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: GRAND METROPOLITAN PUBLIC LIMITED CO DATE OF NAME CHANGE: 19971218 SC 13D/A 1 u49289sc13dza.htm SCHEDULE 13D AMENDMENT NO.6 sc13dza
Table of Contents

 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934
 
Amendment No. 6

General Mills, Inc.

(Name of Issuer)

Common Stock, par value $.10 per share

(Title of Class of Securities)

370334104

(CUSIP Number)
 

Timothy D. Proctor
Diageo plc
Group General Counsel
8 Henrietta Place
London W1G 0NB
+44-207-927-5200

(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)

Copy to:
 
Richard C. Morrissey
Sullivan & Cromwell LLP
1 New Fetter Lane
London EC4A 1AN
+44-207-959-8900

August 24, 2005

(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. o

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).

 
 

 


TABLE OF CONTENTS

Item 2. Identity and Background.
Item 3. Source and Amount of Funds or Other Consideration.
Item 4. Purpose of the Transaction.
Item 5. Interest in Securities of the Issuer.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
Item 7. Material to be filed as Exhibits.
Diageo plc
Directors and Executive Officers
Diageo US Limited
Directors and Executive Officers
Exhibit P


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CUSIP No. 370334104 Page 2 of 8

  1. Name of Reporting Person:
Diageo plc
I.R.S. Identification Nos. of above persons (entities only):

  2. Check the Appropriate Box if a Member of a Group (See Instructions):
    (a) o  
    (b) o  

  3. SEC Use Only:

  4. Source of Funds (See Instructions):
N/A

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): o

  6. Citizenship or Place of Organization:
England and Wales

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power:
0

8. Shared Voting Power:
25,095,457

9. Sole Dispositive Power:
0

10.Shared Dispositive Power:
25,095,457

  11.Aggregate Amount Beneficially Owned by Each Reporting Person:
25,095,457

  12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions):
o

  13.Percent of Class Represented by Amount in Row (11):
6.9%

  14.Type of Reporting Person (See Instructions):
HC, CO

 


Table of Contents

             
CUSIP No. 370334104 Page 3 of 8

  1. Name of Reporting Person:
Diageo US Limited
I.R.S. Identification Nos. of above persons (entities only):

  2. Check the Appropriate Box if a Member of a Group (See Instructions):
    (a) o  
    (b) o  

  3. SEC Use Only:

  4. Source of Funds (See Instructions):
N/A

  5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): o

  6. Citizenship or Place of Organization:
The Netherlands

Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
7. Sole Voting Power:
0

8. Shared Voting Power:
25,095,457

9. Sole Dispositive Power:
0

10.Shared Dispositive Power:
25,095,457

  11.Aggregate Amount Beneficially Owned by Each Reporting Person:
25,095,457

  12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions):
o

  13.Percent of Class Represented by Amount in Row (11):
6.9%

  14.Type of Reporting Person (See Instructions):
HC, CO

 


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Page 4 of 8
     This Amendment No. 6 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 (“SEC”) on November 13, 2001, as amended by Amendment No. 1 to the Schedule 13D of Diageo, Diageo Holdings Netherlands B.V., a company organized under the laws of the Netherlands and an indirect wholly owned subsidiary of Diageo (“Diageo Holdings Netherlands”), and Diageo Midwest B.V., a company organized under the laws of the Netherlands and an indirect wholly owned subsidiary of Diageo (“DMWBV”), filed with the SEC on October 23, 2002, and as further amended by Amendment No. 2 to the Schedule 13D of Diageo, Diageo Holdings Netherlands and DMWBV, filed with the SEC on October 28, 2002, and as further amended by Amendment No. 3 to the Schedule 13D of Diageo and Diageo Holdings Netherlands filed with the SEC on June 24, 2004, and as further amended by Amendment No. 4 to the Schedule 13D of Diageo, Diageo US Limited, a private limited company organized under the laws of England and Wales and an indirect wholly owned subsidiary of Diageo (“DUSL”), and Diageo Great Britain Limited, a private limited company organized under the laws of England and Wales and an indirect wholly owned subsidiary of Diageo (“DGBL”), filed with the SEC on October 6, 2004, and as further amended by Amendment No. 5 to the Schedule 13D of Diageo, DUSL and DGBL, filed with the SEC on October 8, 2004, 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 deleting the last sentence of the second paragraph and the entirety of the third and fourth paragraphs added to Item 2 by Amendment No. 3, the last sentence of the second paragraph and the entirety of the third and fourth paragraphs added to Item 2 by Amendment No. 4 and the second sentence added to Item 2 by Amendment No. 5 and by adding the following paragraphs to the end thereof:
     On October 29, 2004, pursuant to the terms of the Stockholders Agreement, DGBL transferred 503,137 Shares to DUSL. DGBL currently owns no Shares and DUSL currently owns 25,095,457 Shares.
     References to the “Reporting Persons” herein are to Diageo and DUSL.
     The names, business address, present principal occupation or employment and citizenship of each of the executive officers and directors of Diageo

 


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Page 5 of 8
and DUSL are set forth in Schedule I hereto and are incorporated by reference herein.
     During the last five years, none of the Reporting Persons and, 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.
Item 3. Source and Amount of Funds or Other Consideration.
     Item 3 of Schedule 13D is hereby amended and supplemented by deleting the last sentence added to Item 3 by Amendment No. 4 and replacing the second sentence added to Item 3 by Amendment No. 5 with the following:
     On October 29, 2004, pursuant to the terms of the Stockholders Agreement, DGBL transferred 503,137 Shares to DUSL. DGBL currently owns no Shares and DUSL currently owns 25,095,457 Shares. Funds for the premium to be paid for the put options described in more detail under Item 4 below are expected to be derived from the related sale of the Shares or from general corporate funds.
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 Put Option Agreement. On August 24, 2005, Diageo Brands Holdings, B.V., a company organized under the laws of the Netherlands and an indirect wholly owned subsidiary of Diageo (“DBHBV”), and Lehman Brothers International (Europe) (“Lehman”) entered into a written agreement (the “Put Option Agreement”) memorialized by a written confirmation (the “Put Option Confirmation”) pursuant to which DBHBV purchased European-style put options, exercisable in five portions on November 4, November 7, November 8, November 9 and November 10, 2005, covering 25,095,457 Shares of Common Stock from Lehman. If the put options are to be exercised, the Reporting Persons expect to transfer their Shares to DBHBV in advance of the exercise date.
     Under the Put Option Agreement, DBHBV has the option to sell an aggregate of 25,095,457 Shares of Common Stock to Lehman on the settlement dates of November 4, November 7, November 8, November 9 and November 10, 2005, for the exercise price of $51.56 per share. The premium to be paid by

 


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Page 6 of 8
DBHBV for the put options is $5.56 per share, payable on the relevant settlement date.
     The descriptions of the Put Option Agreement and the Put Option Confirmation in this item and throughout this Amendment No. 6 are qualified by reference to the Put Option Confirmation, a copy of which is attached hereto as Exhibit (p).
Item 5. Interest in Securities of the Issuer.
     Item 5 of the Schedule 13D is hereby amended and supplemented by deleting the final sentence added to Item 5 by Amendment No. 5 and by adding the following paragraphs at the end thereof:
     On October 29, 2004, pursuant to the terms of the Stockholders Agreement, DGBL transferred 503,137 Shares to DUSL. Following the completion of this transaction, the Reporting Persons own 25,095,457 Shares which represent approximately 6.9% of the Common Stock outstanding, based on 366,063,704 Shares of Common Stock outstanding as of July 15, 2005 (as reported by General Mills in its Annual Report on Form 10-K filed on July 28, 2005).
     As described more fully in Item 4 above, DBHBV purchased European-style put options exercisable on November 4, November 7, November 8, November 9 and November 10, 2005, covering 25,095,457 Shares of Common Stock. This transaction did not change the beneficial ownership of Shares by the Reporting Persons.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
     Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following paragraphs at the end thereof:
     As described more fully in Item 4 above, DBHBV and Lehman are parties to a Put Option Agreement memorialized by the Put Option Confirmation. A copy of the Put Option Confirmation is attached hereto as Exhibit (p).
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:

 


Table of Contents

Page 7 of 8
     
Description   Exhibit
 
   
Put Option Confirmation between DBHBV and Lehman
  (p)

 


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Page 8 of 8
     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: August 25, 2005
         
  DIAGEO PLC
 
 
  By:    /s/ John Nicholls   
  Name:   John Nicholls   
  Title:   Deputy Secretary   
 
 
  DIAGEO US LIMITED
 
 
  By:    /s/ John Nicholls    
  Name:   John Nicholls   
  Title:   Company Secretary   

 


Table of Contents

         
Schedule I
Diageo plc
Directors and Executive Officers
             
Name   Present Business Address   Present Principal Occupation   Citizenship
 
           
Directors
           
Lord Blyth of Rowington
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Chairman and non-executive Director of Diageo plc   United Kingdom
 
           
Paul S. Walsh
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Chief Executive Officer of Diageo plc   United Kingdom
 
           
Nicholas C. Rose
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Chief Financial Officer of Diageo plc   United Kingdom
 
           
Lord Hollick of Notting Hill
  Stirling Square
7 Carlton Gardens
London SW1Y 5AD
  Managing Director of Kohlberg Kravis Roberts & Co Limited   United Kingdom
 
           
Dr Franz B. Humer
  Grenzacherstrasse 124
CH-4070 Basel
Switzerland
  Chairman and Chief Executive Officer of F. Hoffmann-La Roche Ltd   Austria/
Switzerland
 
           
Maria Lilja
  Engelbrektsgatan 23
114 32 Stockholm
Sweden
  Non-executive Chairman of Mandator AB   Sweden
 
           
William S. Shanahan
  300 Park Avenue
New York, NY 10022, USA
  President, Colgate-Palmolive Company   United States
 
           
H. Todd Stitzer
  25 Berkeley Square
London W1J 6HB
United Kingdom
  Chief Executive Officer of Cadbury Schweppes Public Limited Company   United States
 
           
Jonathan R. Symonds
  15 Stanhope Gate
London W1K 1LN
United Kingdom
  Chief Financial Officer of AstraZeneca plc   United Kingdom
 
           
Paul A Walker
  North Park
Newcastle upon Tyne
NE13 9AA
United Kingdom
  Chief Executive of The Sage Group plc   United Kingdom
 
           
Executive Officers
           

 


Table of Contents

             
Name   Present Business Address   Present Principal Occupation   Citizenship
Paul S. Walsh
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Chief Executive Officer of Diageo plc   United Kingdom
 
           
Nicholas C. Rose
  8 Henrietta Place,
London W1G 0NB,
United Kingdom
  Chief Financial Officer   United Kingdom
 
           
Stuart R. Fletcher
  7HQ Lakeside Drive
Park Royal
London NW10 7HQ
United Kingdom
  President, Diageo International   United Kingdom
 
           
James N.D. Grover
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Global Business Support Director   United Kingdom
 
           
Robert M. Malcolm
  801 Main Avenue
Norwalk
CT 06851
USA
  President, Global Marketing, Sales and Innovation   United States
 
           
Ivan M. Menezes
  801 Main Avenue
Norwalk
CT 06851
USA
  President and Chief Executive Officer of Diageo North America   United States
 
           
Andrew Morgan
  7HQ Lakeside Drive
Park Royal
London NW10 7HQ
United Kingdom
  President, Diageo Europe   United Kingdom
 
           
Timothy D. Proctor
  801 Main Avenue
Norwalk
CT 06851
USA
  General Counsel   United States
 
           
Gareth Williams
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Human Resources Director   United Kingdom

 


Table of Contents

Diageo US Limited
Directors and Executive Officers
             
Name   Present Business Address   Present Principal Occupation   Citizenship
 
           
Directors
           
Gavin P.Crickmore
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Director of Technical Accounting   United Kingdom
 
           
Charles D. Coase
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Group Treasurer   United Kingdom
 
           
Matthew J. Lester
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Group Controller   United Kingdom
 
           
Susanne M. Bunn
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Company Secretary, Diageo plc   United Kingdom
 
           
Michael C. Flynn
  8 Henrietta Place
London W1G 0NB
United Kingdom
  Director of Finance, Global Corporate   United Kingdom
Executive Officers
There are no executive officers of Diageo US Limited.

 

EX-99.P 2 u49289exv99wp.htm EXHIBIT P exv99wp
 

Exhibit P
Lehman Brothers International (Europe)
24 August 2005
Option Transaction
Diageo Brands Holdings B.V.
Molenwerf 10-12
1014 BG Amsterdam
The Netherlands
 
Dear Sir/Madam:
The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between Lehman Brothers International (Europe) (“Bank”) and you (the “Counterparty”) on the Trade Date specified below (the “Transaction”). This confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.
The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (as published by the International Swaps and Derivatives Association, Inc. (“ISDA”)) (the “Equity Definitions”) are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation will govern. Any reference to a currency shall have the meaning contained in Annex A to the 1998 ISDA FX and Currency Option Definitions, as published by ISDA.
1. This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement dated as of 24 August 2005, as amended and supplemented from time to time (the “Agreement”), between the Bank and the Counterparty. All provisions contained in the Agreement govern this Confirmation except as expressly modified below.
2. The terms of the particular Transaction to which this Confirmation relates are as follows:
GENERAL TERMS:
         
Trade Date:
  24 August 2005
 
       
Option Style:
  European
 
       
Option Type:
  Put
 
       
Seller:
  Bank
 
       
Buyer:
  Counterparty
 
       
Shares:
  GENERAL MILLS (“GIS”) Common Stock, $0.10 Par Value
 
       
Number of Options:
  25,095,457
 
       
Option Entitlement:
  1 Share(s) per Option
 
       
Strike Price:
  $51.56
 
       
Premium:
  $139,530,740.92 (Premium per Option $5.56)

 


 

     
Premium Payment Date:
  Premium is payable for 5,019,091 of the Options on each of November 4, 2005, November 7, 2005 and November 8, 2005, and premium is payable for 5,019,092 of the Options on each of November 9, 2005 and November 10, 2005
 
   
Exchange:
  New York Stock Exchange (“NYSE”)
 
   
Related Exchange(s):
  The primary exchange on which options or futures on the relevant Shares are traded.
 
   
PROCEDURE FOR EXERCISE:
   
 
   
Expiration Time:
  Valuation Time
 
   
Expiration Date:
  5,019,091 of the Options will expire on each of November 4, 2005, November 7, 2005 and November 8, 2005, and 5,019,092 of the Options will expire on each of November 9, 2005 and November 10, 2005
 
   
Automatic Exercise:
  Applicable
 
   
Seller’s Contact Details for Exercise:
  Ken Brown
25 Bank Street
London, E14 5LE
Tel: +44 20 7103 1407
 
With a copy to:
 
 
  Andrew Yare
Transaction Management Group
745 Seventh Ave,
New York, NY 10019
Tel: +1 212 526 9986
 
   
Reference Price:
  The relevant Reference Price shall be determined in accordance with the Equity Definitions.
 
   
SETTLEMENT TERMS:
   
 
   
Settlement Method Election:
  Not Applicable
 
   
Physical Settlement:
  Applicable. On the relevant Settlement Date, Counterparty shall deliver to Bank Shares that are in book-entry form with no restrictive legends and that are not subject to any Transfer Restrictions in the hands of Counterparty.
 
   
Transfer Restriction:
  “Transfer Restrictions” means, with respect to the Shares, any condition to or restriction on a holder’s ability to sell, assign or transfer the Shares, including without limitation any restriction on to whom the Shares may be transferred, any consents, any registration or qualification requirement pursuant to any federal, state, or foreign securities law (including, without limitation, any such requirement arising as a result of Rule 144 or Rule 145 under the Securities Act of 1933, as amended).

 


 

     
Settlement Price:
  The relevant Settlement Price shall be determined in accordance with the Equity Definitions.
 
   
Settlement Currency
  USD
 
   
ADJUSTMENTS AND EXTRAORDINARY EVENTS:
   
 
   
Method of Adjustment:
  Calculation Agent Adjustment
 
   
Extraordinary Dividend:
  Any cash dividend in excess of $0.34 per Share per quarter (subject to anti-dilution adjustments), as determined by the Calculation Agent
 
   
Consequences of Merger Events:
   
 
   
(a) Share-for-Share:
  Modified Calculation Agent Adjustment
 
   
(b) Share-for-Other:
  Modified Calculation Agent Adjustment
 
   
(c) Share-for-Combined:
  Modified Calculation Agent Adjustment
 
   
Tender Offer:
  Not Applicable
 
   
Composition of Combined Consideration:
  Not Applicable
 
   
Nationalization, Insolvency or Delisting:
  Cancellation and Payment
     (Calculation Agent Determination)
 
   
Additional Disruption Events:
   
 
   
(a) Change in Law:
  Applicable
 
   
(b) Failure to Deliver:
  Applicable
 
   
(c) Insolvency Filing:
  Not Applicable
 
   
(d) Hedging Disruption:
  Not Applicable
 
   
(e) Loss of Stock Borrow:
  Not Applicable
 
   
(f) Increased Cost of Stock Borrow:
  Not Applicable
 
   
(g) Increased Cost of Hedging:
  Not Applicable
 
   
      Determining Party:
  Bank
 
   
Non-Reliance:
  Applicable
 
   
Agreements and Acknowledgements Regarding Hedging Activities:
  Applicable
 
   
Additional Acknowledgements:
  Applicable
 
   
3. Calculation Agent:
  Bank

 


 

     
4. Account Details:
   
 
   
    Account for Payments to Bank:
  To be provided by Bank
 
   
    Account for Payments to Counterparty:
  To be provided by Counterparty
 
   
5. Governing law: The law governing the Agreement.
   
 
   
6. Additional provisions:
   
(a) For the avoidance of doubt, Bank hereby acknowledges and agrees that it does not, as a result of this Confirmation or otherwise, obtain directly or indirectly any security interest in, lien on, or claim, pledge, charge or encumbrance relating to any Shares owned by Diageo plc or any of its Affiliates and that nothing in this Confirmation should be construed to limit in any way the ability of Diageo plc or any of its Affiliates to transfer any such Shares free and clear of all encumbrances in its sole discretion.
(b) For the avoidance of doubt, Diageo Brands Holdings B.V. may exercise any Option regardless of whether the Option is In-the-Money, provided that Diageo Brands Holdings B.V. must provide notice to Bank of its election to exercise any Option that is not In-the-Money (with the Reference Price determined, for purposes of this provision only, as at 12:00 noon (New York time) on November 1, 2005) no later than 12:00 noon (New York time) on November 1, 2005.
(c) Diageo Brands Holdings B.V. hereby represents and warrants that it is not an affiliate of General Mills and has not been an affiliate of General Mills during the preceding three months.
7. Additional Representations and Warranties of Counterparty
(a) Counterparty is not in possession of any material non-public information concerning the business, operations or prospects of the Issuer and was not in possession of any such information at the time of placing any order with respect to the Transaction.
(b) Counterparty represents that each of its filings required under the applicable U.S. federal securities laws in conjunction with this Transaction have been filed and that, as of the respective dates thereof, such filings did not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. Counterparty will provide Bank with a copy of any report filed thereunder in respect of the Transaction promptly upon filing thereof.
(c) Without limiting the generality of Section 3(a)(iii) of the ISDA master agreement between Bank and Counterparty, the execution and delivery by Counterparty of the Transaction, and the compliance by Counterparty with the provisions of the agreements related thereto, will not conflict with, result in a breach of any of the terms or provisions of, or constitute a default under (i) the Stockholders Agreement dated as of 31 October 2001 among General Mills, Gramet Holdings Corp. and Diageo plc or (ii) the Call Option Agreement dated as of 23 October 2002 between Diageo Midwest B.V. and General Mills. Counterparty is not subject to any other contracts or agreements with provisions that limit its ability to transfer Shares to Bank on the Expiration Date or the ability of Bank to subsequently transfer Shares.


 


 

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to us by facsimile to the number provided on the attached facsimile cover page.
Confirmed as of the date first written above:
             
DIAGEO BRANDS HOLDINGS B.V.
  LEHMAN BROTHERS INTERNATIONAL (EUROPE)
 
           
By:
      By:    
 
           
 
  Name:       Name:
 
  Title:       Title:
 
           
 
           
By:
           
 
           
 
  Name:        
 
  Title:        

 

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