Sara Lee Secures Shareholders Approval over Stake Sale to Unilever

Indonesia Finance

Friday, 25 June 2010 18:57

PT Sara Lee Body Care Indonesia Tbk (SLBCI) said its shareholders had approved the company's plan to sell 89.35 percent stake in unit Sara Lee/DE NV to PT Unilever Indonesia (UNVR IJ), one of the country's consumer goods producer.

"We believe the unit sale approval from shareholders reflects about their trust to our long term business strategy and the success of our body care products in Indonesia," Amitava Chatterjee, Sara Lee's president director, said in a press statement issued on Friday.

The acquisition of Sara Lee's local unit was in line with acquisition of Sara Lee's personal care unit global operation by Unilever.

Amitava said Sara Lee/DE NV and PT Unilever Indonesia had been in talks for the stake deal.

Unilever on May 19 filed a notification to the Indonesian competition regulator about its plan to buy Sara Lee.

After divesting body care division, Sara Lee will focus on food and drink business, Amitava said.

Reuters reported in September last year that Anglo-Dutch Unilever (ULVR.L) (UNc.AS) agreed to buy Sara Lee's (SLE.N) personal care brands like Sanex and Radox to reinforce its global lead in deodorants and skin cleansing for 1.275 billion euros (1.2 billion pounds).

The finalization of the deal has been delayd as the European competition watchdogs are reviewing the Unilever's move. AP reported early this month that The EU Commission in Brussels is concerned that the acquisition could affect competition in the market for deodorants and skin care products. Unilever has 'Axe', 'Dove' and 'Rexona', which are considered as major player in the personal care market.

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