Freshfields Bruckhaus Deringer, Willkie Farr & Gallagher and Darrois Villey Maillot Brochier have picked up lead roles as US food group General Mills agrees to buy a 50% stake in French yoghurt company Yoplait, in a deal that values the company at €1.6bn (£1.4bn).

General Mills entered into exclusive negotiations to acquire buyout house PAI Partners' 50% stake in the company last week (18 March), following a competitive bidding process.

Freshfields is advising General Mills on the deal, fielding a team led by Paris corporate head Fabrice Cohen and corporate partner Alan Mason.

Meanwhile, Willkie Farr & Gallagher has the lead mandate from sellers PAI, with Paris corporate partners Daniel Payan and Cedric Hajage advising.

The proposed bid will see General Mills take a controlling role in the operating company and a 50% stake in the entity which owns Yoplait and related brands. It will partner with existing Yoplait co-owner, farming cooperative Sodiaal to expand and grow the business.

French firm Darrois is representing Sodiaal, with lead partners Alain Maillot and Bertrand Cardi heading a team of seven Paris partners, including Didier Theophile (competition), Igor Simic (competition), Martin Lebeuf (financing) and Yann Grolleaud (tax).

General Mills, which operates in more than 100 countries and with $16bn (£9.8bn) net sales in 2010, is one of the largest food companies in the world, with a portfolio of brands including Cheerios, Haagen-Dazs and Green Giant. It has held the licence for Yoplait yoghurt in the United States since 1977, where it has a market share of around 35%.