Sara Lee-Unilever deal delayed, so are repurchases

Sara Lee Corp's (SLE.N) planned sale of its body care business to Unilever Plc/NV (ULVR.L) (UNc.AS) is being held up by further European Commission review and the company is delaying some share buybacks.

Deals

The $1.3 billion asset sale is now expected to close in the fourth quarter, Unilever said, citing the expected move to Phase 2 of the approval process. Sara Lee shares were down 2.3 percent on Tuesday morning.

Neither company said what exactly the European Commission is studying more closely. But Unilever is already the world's biggest deodorant maker and would be adding to its strength in that sector with Sara Lee's Sanex brand.

Read Full Article from Reuters

- Posted: 2010-05-25 11:37:24

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