Sara Lee (SLE) Agrees to Sell International Household & Body Care Unit to Uniliver for EUR1.275B; Announces New $1B Share Buyback
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Sara Lee Corp. (NYSE: SLE) received a binding offer of EUR1.275 billion from Unilever to acquire its global body care and European detergents businesses.
The proposed transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close during calendar year 2010.
The company also announced that its board of directors has authorized a $1.0 billion share repurchase program. This is in addition to the 13.5 million share authorization (approximately $150 million based on the recent market price) remaining under the prior share repurchase program. The company reiterated that its board intends to maintain the current quarterly dividend of $.11 for the next four quarters, regardless of the timing of dispositions. Sara Lee intends to maintain a credit profile consistent with a strong investment grade credit rating.
The proposed transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close during calendar year 2010.
The company also announced that its board of directors has authorized a $1.0 billion share repurchase program. This is in addition to the 13.5 million share authorization (approximately $150 million based on the recent market price) remaining under the prior share repurchase program. The company reiterated that its board intends to maintain the current quarterly dividend of $.11 for the next four quarters, regardless of the timing of dispositions. Sara Lee intends to maintain a credit profile consistent with a strong investment grade credit rating.
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