Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Sara Lee Selling 51% Joint-Venture Stake to Godrej

May 12 (Bloomberg) -- Sara Lee Corp. agreed to sell its 51 percent stake in the Godrej Sara Lee Ltd. Indian joint venture to Godrej Consumer Products Ltd. for 185 million euros ($233.7 million).

The deal is expected to close by July 3, Downers Grove, Illinois-based Sara Lee said today in a statement. The joint venture primarily markets insecticides, including the leading Good Knight, HIT and JET brands sold throughout India, according to the statement.

Godrej Consumer, India’s second-biggest soap maker, told Sara Lee last year that it would exercise its right to buy its partner’s stake should the company sell its global businesses, such as household insecticides.

Godrej, based in Mumbai, is seeking to acquire businesses in Asia, Latin America and Africa to widen its portfolio of hair color and personal hygiene products as well as household insecticides, Managing Director Dalip Sehgal said at the time.

Sara Lee has been unloading units to focus on coffee and food. The company agreed to sell its body-care business to Unilever NV and its air-care business to Procter & Gamble Co. for a combined 1.59 billion euros. The company said both transactions will close this year.

Sara Lee rose 2 cents to $14.35 in New York Stock Exchange composite trading. The stock has climbed 18 percent this year.

To contact the reporter on this story: Margot Slade in New York at mslade2@bloomberg.net.

To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.