EXHIBIT 99.1


                              FOR IMMEDIATE RELEASE

                                October 22, 2002

                             CONTACTS: (Media) Marybeth Thorsgaard  763-764-6364
                                            (Analysts) Kris Wenker  763-764-2607


              GENERAL MILLS ANNOUNCES $1.35 BILLION DEBENTURE ISSUE

      TRANSACTION INCLUDES PURCHASE BY GENERAL MILLS OF A THREE-YEAR CALL
                   OPTION FROM DIAGEO ON GENERAL MILLS SHARES



         MINNEAPOLIS, MINN.---General Mills, Inc. (NYSE: GIS) today announced
plans to raise approximately $1.35 billion through issuance of 20-year maturity
zero coupon convertible debentures. The company intends to grant the initial
purchasers an option to purchase approximately an additional $150 million of
convertible debentures. Proceeds will be used to repay existing commercial
paper. The zero coupon debentures will be convertible into shares of General
Mills' stock. The company also plans to simultaneously purchase a three-year
call option from Diageo (NYSE: DEO) on General Mills' common stock Diageo
currently owns. The shares underlying the call option will equal the number of
shares issuable upon conversion of the convertible debentures. The strike price
of the call option will be equal to the initial conversion price of the
debentures. The purpose of this call option is to offset any dilution to General
Mills' shareholders from future conversion of the debentures.





     Under agreements with General Mills, Diageo is restricted from selling any
of its shares until July 1, 2003, subject to certain limited exceptions. In
addition, the shares underlying the call option will be subject to a lock up
until its exercise or expiration in October 2005. General Mills' October 2001
purchase from Diageo of the Pillsbury businesses includes a contingent purchase
price adjustment that may require payment to Diageo on April 30, 2003, depending
on the General Mills' stock price and the number of General Mills' shares that
Diageo continues to hold on that date. Since Diageo retains ownership of the
shares subject to the call option announced today, they retain the contingent
value rights associated with those shares.

     The securities have not been registered under the Securities Act of 1933,
as amended, or applicable state securities laws, and are being offered only to
qualified institutional buyers in reliance on Rule 144A under the Securities
Act. Unless so registered, the securities may not be sold in the United States
except pursuant to an exemption from the registration requirements of the
Securities Act and applicable state securities laws.

     This news release does not constitute an offer to sell or the solicitation
of an offer to buy the securities. Any offer of the securities will be made only
by means of a private offering memorandum.



This press release contains forward-looking statements within the meaning of the
Private Litigation Reform Act of 1995 that are based on managements' current
expectations and assumptions. Such statements are subject to certain risks and
uncertainties that could cause actual results to differ. In particular, the
completion of the convertible debenture offering is subject to receiving
acceptable pricing terms, execution of definitive documents, and the successful
placement of the debentures. General Mills undertakes no obligation to publicly
revise any forward-looking statements to reflect future events or circumstances.


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