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By Sheena Lee

Deal Update: Sara Lee’s (SLE) board has rejected takeover approaches from two potential suitors and will likely pursue a break-up of the company into its meat and coffee businesses. (DealBook)

“It sounds like they’re still working through some of this stuff. So it’s hard to say exactly how this is all going to shake out and what exactly is going on. It does seem very fluid,” said Morningstar analyst Erin Swanson. Sara Lee would want bids of roughly $20 per share or higher to continue talks with a suitor, a separate source familiar with the situation previously said. (Reuters)

The company has reportedly received bids from Apollo Global Management (AGMTZ), Bain Capital and TPG Capital. This follows previous offers from Brazilian meat processor JBS and buyout firm Kohlberg Kravis Roberts (NYSE:KKR), which were rejected by Sara Lee’s board. (StreetInsider)

Deal Update: A hostile takeover offer valuing Ventana Gold (OTC:VENGF) at C$1.5 billion ($1.5 billion) has attracted other prospective bidders for the Canadian-based miner but no firm bids yet, its CEO said.

Deal Update: Oil major BP‘s sweeping deal with Russia’s state-run Rosneft (OTC:RNGZY) to exchange shares and jointly explore offshore in the far north has hit a snag. BP’s other partners in the country, a group of wealthy businessmen in the TNK-BP joint venture, filed an injunction in a London court to block the agreement. (DealBook)

Deal Update: PepsiCo’s (NYSE:PEP) acquisition of Russia’s leading food and beverage maker, Wimm-Bill-Dann Foods (NYSE:WBD), won approval from local antitrust authorities, paving the way for the country’s biggest deal on record to close by early February. After the $3.8 billion acquisition, PepsiCo will be the largest snack and beverage company in Russia. (DealBook)

Other Deal Activity:

Australia’s Whitehaven Coal says it expects to receive non-binding takeover bids for the company early next month as it pursues efforts to sell the company in a potential $3.4 billion deal. (Reuters)

The Modern Times Group, the Swedish television operator, has held early-stage talks with ProSiebenSat.1, the German broadcaster that has put up for sale clusters of its European TV and radio group SBS worth between $1.4 billion to $2 billion. (Financial Times)

Portugal Telecom (NYSE:PT) said that it had signed a deal to take a 22.38 percent stake in the Brazilian telecommunications company Telemar Norte Leste, also known as Oi. The stake represents 8.32 billion reals ($5 billion) in cash. (DealBook)

Representatives of billionaire investor Wilbur Ross have approached several vehicle parts makers to gauge their interest in buying his International Automotive Components Group interiors business. One of the companies they approached is auto interior parts maker Faurecia. (Reuters)

U.S. owner of warehouses and distribution centers ProLogis (NYSE:PLD) said it is in merger talks with rival AMB Property (NYSE:AMB). (Reuters)

Moelis & Company said that it had agreed to buy Asia Pacific Advisers, a boutique firm in Hong Kong, as part of its plan to expand in Asia. (DealBook)

Source: Deals Report: Sara Lee Rejects All Bids, Likely to Split Up