Sara Lee Said to Be Near Agreement to Sell Unit to Grupo Bimbo

Sara Lee Corp. is near an agreement to sell its North American bakery business to Grupo Bimbo SAB, the world’s largest bread maker, for $900 million to $1 billion, according to two people with knowledge of the bidding.

A sale of the unit, which includes the largest fresh-bread brand in the U.S., may be announced as soon as this week, said these people, who declined to be identified as the process isn’t public. A deal could be delayed or fall through in late stages. Sara Lee is scheduled to report quarterly earnings on Nov. 10.