DOWNERS GROVE, Illinois, May 13, 2011 /PRNewswire/ -- Sara Lee Corp. (NYSE: SLE) today announces the following with regard to the anticipated sale of its Insecticides business to SC Johnson:
Due to competition concerns raised by the European Commission, the parties have abandoned the transaction as originally notified and have withdrawn the notification of the deal to the European Commission.
Sara Lee and SC Johnson will proceed to complete the sale of Sara Lee's insecticides businesses to SC Johnson in markets outside the European Union (EU), such as Malaysia, Singapore, Kenya and Russia. Sara Lee will embark on a process to divest the insecticides businesses inside the EU, and the parties are exploring whether or not it will be possible to transfer a limited amount of these businesses to SC Johnson.
As previously disclosed, Sara Lee has already received nearly all of the EUR153.5 million purchase price under the terms of the previously-announced transaction. Under the terms of the new transaction, Sara Lee will retain the same purchase price and will transfer the net proceeds from the European divestitures to SC Johnson.
Sara Lee expects to complete the process of divesting its EU insecticides businesses in the second half of calendar year 2011. The implementation of these transactions will conclude Sara Lee's disposal of its Household and Body Care business.
About Sara Lee Corporation
Each and every day, Sara Lee (NYSE: SLE) delights millions of consumers and customers around the world. The company has one of the world's best-loved and leading portfolios with its innovative and trusted food and beverage brands, including Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Sara Lee and Senseo. Collectively, our brands generate nearly $9 billion in annual net sales from continuing operations. Sara Lee has approximately 20,000 employees in its continuing operations worldwide. Please visit http://www.saralee.com for the latest news and in-depth information about Sara Lee and its brands.
SOURCE Sara Lee