Grupo Bimbo, the world’s largest bakery group, has bought the bakery business of Sara Lee for  $959m (£596.5m).

The deal, which is subject to regulatory approval, would make the Mexico-based Bimbo the largest baker in the US.

Around 13,000 employees will transfer to Bimbo as a result of the sale.

The deal marks the latest major sale by Sara Lee, which last year hived off its European personal care business to Unilever in a transaction worth $1.3bn.

Read more
EC raises concerns of Unilever’s Sara Lee deal (20 August 2010)
Sales down at Sara Lee (13 August 2010)