Sara Lee Corp. is moving ahead with plans to split up its meats and coffee businesses into two separate companies after it rejected Brazilian beef processor JBS SA’s takeover offer last month, people familiar with the matter said.

JBS hasn’t ruled out its interest in buying the company, which has a market capitalization of about $11 billion, and could yet come back with a higher offer, these people said. But they cautioned that JBS, which has a market cap of about $10 billion, could have trouble securing financing for a deal. Get the full story »