General Mills, Conagra Try to Make a Balanced Meal

The day kicked off with packaged-food companies Conagra Brands Inc. and Pinnacle Foods Inc. agreeing to a long-speculated merger: an $11 billion wager that the resurgent popularity of convenient frozen meals and demand for plant-based, gluten-free items are here to stay. Shortly after that announcement, cereal giant General Mills Inc. reported results for its fiscal fourth quarter, closing the books on a year during which the $27 billion company got a new CEO and made a pricey acquisition of a pet-food business, part of an effort to move further away from the shrinking cereal market. Both General Mills and Pinnacle Foods are responding to a rapidly changing industry, as consumers seek out fresher, less processed items—for themselves and their pets—as well as quick meals that fit their busy lifestyles.