December 20, 2010
Sara Lee is considering selling itself to Brazilian meat producer JBS, according to the Wall Street Journal, which cites sources familiar with the situation. Based on Sara Lee's stock price Friday, it has a market capitalization of $11bn. JBS, the world's largest beef producer, approached Sara Lee, and discussions between the companies have been on and off over several months, the Wall Street Journal says. Sara Lee has been considering JBS' offer more seriously lately, it adds. Mexico’s Bimbo last month said it would acquire the US bakery assets of Sara Lee for $959m. BAML advised Sara Lee on that sale. Sara Lee subsequently announced that it would purchase Brazilian coffee company Cafe Damasco for about $60m or 1x 2009 sales.