Subsequent Events

6 Months Ended

May 31, 2011

Subsequent Events

Subsequent Events

10. SUBSEQUENT EVENTS

In June 2011, we signed an agreement to enter into a joint venture with Kohinoor Foods Ltd. in India. "Kohinoor" is a leading national brand of basmati rice as well as other convenience food products. We expect to invest $115 million for an 85% interest in the joint venture, Kohinoor Speciality Foods India Private Limited. This will be a consumer business consolidated joint venture with projected annual net sales of approximately $85 million and will market and sell branded basmati rice and other food products in India. The completion of the agreement is expected to occur by the end of the third quarter of 2011 subject to regulatory and other approvals in India.

In June 2011, we also signed an agreement to purchase the shares of Kamis, a brand leader of spices, seasonings and mustards in Poland for approximately $291 million. Kamis is a privately held company based in Poland with distribution into Poland, Russia and other parts of Central and Eastern Europe and its annual net sales are approximately $105 million. The acquisition is expected to be completed by the end of the third quarter of 2011, subject to regulatory approval, and will be included in our consumer business segment.

In June we entered into a new five year $600 million revolving credit facility. The new facility expires in June 2016 and replaces our existing $500 million revolving credit facility, which was due to expire in July 2012. The interest rate under this new credit facility, on a fully drawn basis, is LIBOR plus 0.875%. This credit facility supports our commercial paper program.