Nestle Buys Rest of Ice Cream Venture

Nestle, the biggest food maker, said it paid $641 million to General Mills Inc. for the 50% it didn't own in a venture that sells Haagen-Dazs ice cream in the U.S.

The venture, called Ice Cream Partners USA, combined the Pillsbury frozen desserts business of Diageo with Nestle's ice cream division. General Mills acquired Pillsbury this year.

Nestle said in October that it wanted to buy the rest of Ice Cream Partners after General Mills' purchase triggered a provision allowing Nestle to do so.

General Mills shares rose 63 cents to $52.37 on the New York Stock Exchange.