Sara Lee Corp (SLE.N) plans to quickly repurchase $500 million of its shares
using the funds from the pending sale of its household and body-care businesses.
Sara Lee will buy back the shares from Goldman Sachs Group Inc (GS.N) on an
accelerated basis, Sara Lee spokesman Mike Cummins said. Goldman will then
repurchase the shares over time in the open market.
The repurchase, part of the bakery and deli meat maker’s plan to buy back $2.5
billion to $3 billion in stock over the next three years, will reduce Sara Lee’s
outstanding shares by about 36 million to 661 million, the company said.
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