Sara Lee has emerged as a takeover target for Brazilian beef processor JBS.

The US manufacturer, which is currently valued at around $12.5bn (£7.88bn), could be broken up in the event of a takeover, with private equity giant Blackstone reportedly poised to bid for its drinks business.

However, Sara Lee is thought to have already turned down a bid from a consortium including Bain Capital and TPG.

Sara Lee last year sold its European personal care business to Unilever in a £1bn deal and has no permanent chief executive, with former chief financial officer Marcel Smits currently holding the reins on an interim basis.

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Unilever completes Sara Lee deal (6 December 2010)
Unilever must sell Sanex to get Sara Lee clearance (17 November 2010)