Sara Lee (SLE -0.1%) is close to an agreement to sell its North American bakery business to...

|By:, SA News Editor

Sara Lee (SLE -0.1%) is close to an agreement to sell its North American bakery business to Grupo Bimbo (GRBMF.PK), the world’s largest bread maker, for as much as $1B, Bloomberg reports. The sale of the bakery business would accelerate a broad overhaul of Sara Lee, which is focusing on brands such as its Jimmy Dean meats.