General Mills Inc. (GIS) executives in an interview said they are open to making small acquisitions that complement their business, but don't see the need for a large "transformational" deal.

Merger and acquisition activity has heated up in the consumer products space, with PepsiCo Inc. (PEP) agreeing to buy two bottlers and Kraft Foods Inc. (KFT) making a bid for Cadbury PLC (CBY).

In an interview, General Mills Chief Executive Ken Powell and Chief Financial Officer Don Mulligan said they didn't see the need for large deals as the company's current business model has performed well.

-By Anjali Cordeiro, Dow Jones Newswires; 212-416-2200; anjali.cordeiro@dowjones.com