JBS in reported bid for Sara Lee Corp

Brazilian beef processor JBS has made a verbal buyout offer for Sara Lee Corp, sources for Bloomberg are reporting.

Blackstone Group LP is working with the Sao Paulo-based business on a bid and would be interested in taking over Sara Lees coffee business, according to insiders.

JBS informed Sara Lee of its intentions on Monday and plan to submit a formal offer later.

Sara Lees board is expected to consider an approach from JBS to buy the company for as much as $13.4bn and then to sell its European coffee business to Blackstone in a subsequent deal.

An offer would pit JBS against Apollo Global Management LLC, Bain Capital LLC and TPG Capital.

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