Sara Lee commissions sale of North American bakery business

10 November 2011: Sara Lee Corporation has completed the sale of its North American fresh bakery business to Grupo Bimbo S.A.B. for $709 million.

The two companies reached a settlement with the U.S. Department of Justice in October to move the deal forward, agreeing to sell off rights in some markets to eliminate anti-competition concerns. Grupo Bimbo is the largest and Sara Lee the third-largest maker of sliced fresh bread in the U.S.

Sara Lee, based in Downers Grove, Ill., has been selling parts of its business as it prepares to split its business into two publicly traded companies. The company is also selling its fresh bakery businesses in Spain and Portugal to Grupo Bimbo for 115 million euros ($158.3 million. That acquisition is expected to close by the end of the calendar year.

Source: Just food