A deal whereby Sara Lee Corp sells its North American bakery business to Mexico’s Grupo Bimbofor $900 million to $1 billion could be announced this week, Bloomberg reported Monday, citing two people with knowledge of the matter.
The two companies are close to a deal for the unit, which includes the largest fresh bread brand in the United States, Bloomberg said.
Mexico City-based Bimbobought the U.S. bread-making unit of Canada’s George Weston Ltd for $2.38 billion in December 2008, increasing its presence in the eastern United States.
Sara Lee declined to comment. The company, which is also searching for a new chief executive officer, will report earnings Wednesday.
Sara Lee’s shares were up 3 cents, or 0.2 percent, at $14.74 in midday trading on the New York Stock Exchange.
Too bad. Sara Lee brand products were good. Bimbo, not so much.
I hope they don’t combine the names Sara Lee-Bimbo