Downers Grove / IL. (slc) Sara Lee Corporation announced it has received a binding offer of 1,275 billion EUR from Unilever PLC to acquire its global body care and European detergents businesses. Where permissible, Sara Lee has agreed to accept the binding offer upon satisfaction of certain conditions. In fiscal 2009, these businesses generated annual sales of approximately 750 million EUR and accounted for approximately 55 percent of the adjusted operating segment income for the International Household and Body Care business. Sara Lee´s International Household and Body Care business generated approximately 1,5 billion EUR in sales in fiscal 2009, the company said in a statement (PDF).
The proposed transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close during calendar year 2010. Sara Lee will consult with relevant works councils during the process. The company has also received significant interest in the remainder of its household business and is continuing to pursue divestiture options for this business, which includes air care, shoe care, insecticides and non-European cleaning brands.
«The divestiture of body care and European detergents would advance our strategy to concentrate on our core food and beverage businesses where we enjoy a strong competitive position and where we can generate superior shareholder returns», said Brenda C. Barnes, chairman and chief executive officer, Sara Lee Corporation. «We intend to use proceeds from the divestiture to invest for growth in our core businesses and to repurchase stock».
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