Bimbo is talks to buy Sara Lee bakery unit

Bimbo is talks to buy Sara Lee bakery unit

Bimbo is talks to buy Sara Lee bakery unit

Sara Lee Corp. is in late-stage discussions with Grupo Bimbo SAB de C.V. to sell its North American bakery business.
The Downers Grove-based company began soliciting bids in early summer, Crain's first reported. Now Mexico City-based Bimbo has emerged as the most likely buyer.
Other companies interested in the unit, which posts annual sales of about $2 billion, included Hostess Brands Inc., Campbell Soup Co.'s Pepperidge Farm, Flowers Foods Inc. and Ripplewood Holdings LLC.
A source close to the discussion said Sara Lee is likely to seek more than $1.5 billion.
Bimbo “makes the most sense” as a buyer, the source said. The Mexican company acquired confectionary Weston Foods Inc. in 2008 and confectionary Dulces Vero earlier this year.
Bloomberg News first reported Tuesday that Bimbo was the front-runner.
Since it began shopping the bakery business, Sara Lee has attracted attention from at least three private-equity firms interested in the entire company. Sara Lee has rebuffed their advances.

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