Unilever Offers $1.8 Billion for Sara Lee Division

Offer is for personal care division which Unilever identifies as a key growth driver

Food and cosmetics giant Unilever said on Sept. 25 it had made a binding offer of 1.28 billion euros ($US1.83 billion) for the personal care operations of 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 Unilevers existing business."

The Sara Lee business posted sales of more than 750 million euros in the 12 months to June 2009, with earnings before interest, depreciation and amortization of 128 million euros, according to a Unilever statement.

Copyright Agence France-Presse, 2009

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