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Sara Lee Corp. said Monday that it is launching a cash tender offer to buy back $1.11 billion in debt.
The offer covers the outstanding amount of a series of bonds due in September 2011. The Downers Grove-based company said the offer expires on Sept. 7. Bondholders who tender their notes will receive any unpaid interest that has accrued between the last interest payment date and the offer’s to-be-determined settlement date. Get the full story »
European Union competition regulators have set a new deadline of Oct. 22 to decide whether to clear Unilever’s $1.3 billion purchase of Sara Lee Corp.’s body care business, the European Commission said on Friday. Get the full story »
The European Union’s antitrust regulator has formally obnected to Unilever’s planned $1.67 billion acquisition of Sara Lee Corp.’s shower-gel and European detergents business. Paul Matthews, a London-based spokesman for Unilever, said the company remains confident that a “positive agreement” can be reached by the end of the year.
Responding to concerns of parents, Sara Lee Corp. said Monday that it is removing high-fructose corn syrup from two of its best-selling breads. Sara Lee switched to sugar in its “Soft & Smooth” made with whole grain white bread and 100 percent whole wheat bread. Get the full story »
Sara Lee CEO Brenda Barnes speaks at an event in 2007. (Tribune file photo)
Sara Lee CEO Brenda Barnes has decided to permanently step down from the company “to focus on improving her health.” Barnes, 56, took a leave of absence in May after suffering a stroke.
Sara Lee’s board has initiated a search for her replacement, looking at both internal and external candidates. For now, Marcel Smits will remain interim chief executive officer, Mark Garvey will continue as interim chief financial officer, and James S. Crown will remain chairman of the board.
“We fully support Brenda’s decision to step down as Chairman and CEO so she can devote all of her time and energy toward improving her health,” Crown said in a company statement. “She is a remarkable leader who is admired by those inside and outside of the Sara Lee family, and we fully understand and respect her decision.” Get the full story »
A severe drought in Russia could result in higher prices for bread in U.S. stores, as a spike in wheat costs may lead manufacturers to ease up on the discounts retailers pushed for during the recession.
But consumers and retailers may push back. Shoppers could opt for cheaper options as unemployment remains high, while retailers — who try to drive traffic with discounts — could point out that the spike in wheat is no where near the level of two years ago, when manufacturers raised prices on many goods. Get the full story »
Campbell Soup Co. is not interested in buying on Sara Lee Corp.’s bread business, sources familiar with the situation said on Wednesday, countering media reports that the soup company may bid for the asset. Get the full story »
Sara Lee is shopping its iconic bread business, according to executives familiar with the matter. The company may have even relied on company employees to begin the search for possible buyers, sidestepping tried-and-true investment banks, which often results in media attention. Get the full story »
Sara Lee has completed the sale of its Ambi Pur air freshener unit to Procter & Gamble Co. for $402 million. Ambi Pur has a presence in 80 countries, and also has several toilet care products, with strong presence in Western Europe and Asia.
“This divestiture will further enable Sara Lee to focus its efforts in areas where we have a strong competitive position and can generate shareholder value,” said Marcel Smits, interim chief exective of Sara Lee Corp.
From Crain’s Chicago Business | Downers Grove-based Sara Lee hopes to steal sales from Swiss foods giant Nestle PLC by introducing a line of single-cup coffee capsules in France this week. Sara Lee will be the first company to challenge Nestle’s dominance in the market — Nestle’s Nespresso machines, which had grown about 30% a year since 2000, rose 22% to $2.6 billion in 2009.
Get the full story: chicagobusiness.com.
From Sara Lee’s Web site.
By Monica Eng
| A pro-organic watchdog group snapped at Sara Lee Monday for marketing
tactics related to its new EarthGrains bread. The EarthGrains bread partially
uses a wheat called “Eco-Grain TM.” On its Web site, Sara Lee claimed
that Eco-Grain is farmed in ways that offer “some advantages over organic
farming.”
Downers Grove-based Sara Lee ended up taking down that claim from its Web site by the end of the day. The watchdog group, called The Cornucopia Institute, declared the removal of the claims a “victory.”
