Pillsbury Co. said it sold its Grain...

Pillsbury Co. said it sold its Grain Merchandising division, a chain of restaurants and a food division. The company said the sales were part of a strategy to focus on branded consumer products and not in reaction to an unwanted $5.23-billion bid by Grand Metropolitan. Pillsbury sold its Grain Merchandising division to ConAgra, the 12-unit Bay Street seafood restaurants to a management group and Ashford Creameries to London-based Hillsdown Holdings. The company would not say what price it received for the divisions.