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November 04, 1992|From Times Staff and Wire Reports

General Mills Calls Off Deal for Nabisco Cereal Unit: General Mills said regulatory obstacles forced cancellation of a deal to buy RJR Nabisco's cereal business. The two companies had signed a contract Sept. 1 for General Mills to purchase Nabisco's cold cereal business in the United States and Canada for $450 million in cash. However, the companies said they were dropping the plan because it appeared likely that federal and state regulators would require a lengthy review of the acquisition. In view of the competitive nature of the cereal industry, the companies said preoccupation with a prolonged review would hurt both General Mills and Nabisco, whose most famous cereal is Shredded Wheat.

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