Sara Lee Corp. is considering selling itself to Brazilian meat producer JBS, the Wall Street Journal reported on its Web site, citing people familiar with the matter.
JBS approached Sara Lee first and discussions between the two companies have been on and off for several months, the Journal reported, citing these sources. Sara Lee has been considering JBS’s offer more seriously of late, according to the Journal.
No final decision has been made and Sara Lee may decide not to sell itself, the Journal reported, citing those sources. Sara Lee is also mulling a breakup of its core meats and beverages businesses and putting them up for sale, the Journal said.
When contacted by a Tribune reporter, Sara Lee spokesman Mike Cummins declined to comment on speculation surrounding a sale.
Sara Lee, whose brands include Hillshire Farms and Senseo coffee, has been functioning with an interim chief executive since August, when Brenda Barnes stepped down after a stroke.
Based on Sara Lee’s stock closing price of $17.26 Friday, the company has a market capitalization of $11 billion. The stock fell 0.3 percent in after-market trading.
