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Bimbo Leads in Sara Lee Bakery Acquisition
Mexico City-based Gruop Bimbo is leading in bids to buy Sara Lee Corporation's North American bakery business, according to people familiar with the process.
The sale is expected to reach $1bn although Sara Lee originally aimed to fetch $1.5bn for the bakery unit, according to Bloomberg.
New York-based Ripplewood Holdings, Apollo Global Management and KKR & Company had previously expressed interest in a possible buyout of the food processing unit.
Last year Bimbo acquired George Weston's US baking operations for $2.5bn.
Sara Lee's North American bread unit sales dropped 3.3% to $2.13bn in the year ending 3 July.
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