Bimbo closes Sara Lee U.S. baking acquisition

by World Grain Staff
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MEXICO CITY, MEXICO — Grupo Bimbo SAB de CV on Nov. 7 announced it has completed its acquisition of the North American Fresh Bakery business of Sara Lee Corp.

First announced in November 2010, the transaction was delayed by protracted negotiations with the U.S. Department of Justice. With a consent agreement for Bimbo to sell brands and related assets in eight markets, half of which are in California, the deal was able to go forward. The divestitures reduced the purchase price for the Sara Lee baking business to $709 million from the $959 million originally agreed upon.

Bimbo said the integration of the Sara Lee business as of Nov. 6 will be reflected in Grupo Bimbo fourth-quarter results.
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