EXHIBIT 99.1


         FOR IMMEDIATE RELEASE

         October 23, 2002

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


              GENERAL MILLS COMPLETES $1.35 BILLION DEBENTURE ISSUE

          GENERAL MILLS SIMULTANEOUSLY PURCHASES THREE-YEAR CALL OPTION
                       FROM DIAGEO ON GENERAL MILLS SHARES


         MINNEAPOLIS, MINN.---General Mills, Inc. (NYSE: GIS) has agreed to sell
zero coupon convertible debentures with a face value of approximately $2.01
billion for gross proceeds of approximately $1.35 billion. The Company has also
granted the initial purchasers an option to purchase additional debentures with
gross proceeds up to approximately $150 million. Closing is scheduled for
October 28, 2002. The debentures are senior unsecured obligations. The proceeds
will be used to repay existing commercial paper.

         The debentures cannot be called by General Mills for three years after
issuance and will mature in 20 years. Holders of the debentures can require the
company to repurchase the notes on the third, fifth, tenth and fifteenth
anniversaries of the issuance. The Company has the option to pay the repurchase
price in cash or in stock.

                                     -more-



         The issue price of the debentures was $671.65 for each $1,000 in face
value, which represents a yield to maturity of 2.00%. The debentures are
convertible into General Mills common stock at a rate of 13.0259 shares for each
$1,000 debenture. This rate results in an initial conversion price of
approximately $51.56 per share and represents a premium of 25% over the closing
sale price on the New York Stock Exchange of $41.25 per share on October 22,
2002. The conversion price will increase with the accretion of the original
issue discount on the debentures. Generally, except upon the occurrence of
specified events, holders of the debentures are not entitled to exercise their
conversion rights until the Company's stock price is greater than a specified
percentage (beginning at 125% and declining by 0.25% each six months) of the
accreted conversion price per share.

         Simultaneously, the company has purchased a three-year call option from
Diageo plc (LSE: DGE, NYSE: DEO) on approximately 26.2 million shares that
Diageo currently owns. The strike price of the call option will be $51.56 per
share. The premium paid for the option was $3.07 per share or approximately
$80.4 million in total. The option is exercisable in whole or in part from time
to time, subject to certain limitations, during a three year period. The purpose
of this call option is to offset any dilution to General Mills shareholders from
future conversion of the debentures. The Company expects to purchase an
additional call option from Diageo, in the event that the initial purchasers
exercise their option to purchase the additional debentures, on the
corresponding number of shares.

                                     -more-



         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 are subject to a lock up until
the option's exercise or expiration in October 2005.

         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. General Mills
undertakes no obligation to publicly revise any forward-looking statements to
reflect future events or circumstances.



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