JBS Said to Give Up Financing Effort for Sara Lee Bid

JBS SA gave up efforts today to raise financing for a Sara Lee Corp. takeover bid, making a spinoff of Sara Lee’s coffee business more likely, according to a person with knowledge of the matter.

JBS, the world’s biggest meat producer, could still make a bid later, though the chances are low, said the person, who declined to be identified because the matter is private. Sara Lee’s board is meeting today to consider a coffee spinoff and choose a permanent chief executive officer after receiving no new bids from JBS or a group led by Apollo Global Management LLC, two people said.