Grupo Bimbo is in the final stages of negotiations with the U.S. Department of Justice on its acquisition of Sara Lee Corp.’s fresh bakery business in the United States and its fresh bakery business in Spain and Portugal.
Grupo Bimbo S.A.B., Mexico City, says that it’s in the final stages of purchasing Sara Lee Corp.’s fresh bakery business in the United States. The deal is expected to become final in the coming weeks. Grupo Bimbo is one of the largest global baking companies in terms of production and sales volume, with 103 plants and 1,000 distribution centers located in 17 countries throughout the Americas and Asia.
Sara Lee Corp., Downers Grove, Ill., says that talks with the U.S. Department of Justice are being finalized for the planned $959 million sale of its North American fresh bakery business. The company is splitting into two public firms in the first half of next year. The North American unit will be one company that includes brands such as Jimmy Dean and Hillshire Farm. The international beverage business will become another company, and will include brands such as Pickwick and Maison du Café.
Grupo Bimbo also agreed to purchase Sara Lee’s fresh bakery business in Spain and Portugal for an enterprise value of 115 million Euros. The move includes the Bimbo, Silueta, Ortiz, Martinez and Eagle brands, among others, which have broad name recognition and market leadership in the bread, pastries and snack categories.
Source: www.chicagotribune.co, Grupo Bimbo
Sara Lee Expects to Complete Bakery Sale in Weeks
October 17, 2011