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Unilever offers $1.8bn for Sara Lee
THE HAGUE, NETHERLANDS: Anglo-Dutch food and cosmetics giant Unilever said it had made a binding offer of €1.28 billion (US$1.83 billion) for the personal care operations of US giant Sara Lee Corp.
"Personal Care is a strategic category and a key growth driver for Unilever," chief executive Paul Polman said.
"This transaction builds on our portfolio in Western Europe and also in Asia. The Sara Lee brands enjoy strong consumer recognition, offer significant growth potential and are an excellent fit with Unilever's existing business."
The Sara Lee business posted sales of more than €750 million in the 12 months to June 2009, with earnings before interest, depreciation and amortisation of €128 million, according to a Unilever statement.
Source: AFP
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