Sara Lee's board says it will split its food and beverage businesses into two companies. The deal is set to close by 2012. The company had rejected two takeover approaches before announcing the split.
The food business, with revenue of $4.1 billion last year, will be spun off into a public company keeping the Sara Lee name. The beverage company, which made $4.6 billion in 2010, has yet to be named.
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