General Mills’ Rut Could Put Betty Crocker on Notice: Real M&A

General Mills Inc. already said hello to Annie -- now it may be time to say goodbye to Betty Crocker.

The $32 billion packaged-food company this week reported its sixth straight quarterly sales drop -- the worst such slump in 20 years. That’s even after it acquired fast-growing organic food producer Annie’s Inc. in October. The Annie’s purchase will help Minneapolis-based General Mills respond to consumers’ growing appetite for healthier fare. Still, the $810 million deal was just a drop in the bucket. A bigger brand shakeup may be needed.