Bimbo Reported Leading Bakery Bid

Grupo Bimbo, the Mexican food company, is reported to have stepped into the pole position for Sara Lee’s North American bakery unit, according to wire reports. A New York-based banker away from the deal says Bimbo has retained Atlas Advisors, the same boutique that advised the company on its $2.5bn acquisition of US baked goods business Weston Foods in 2008. Atlas did not return calls for comment. Grupo Bimbo could not be reached. “They’ve been a serial acquirer in the US,” says the banker. “They’ve totally digested the second of the Weston acquisitions at this point, so you’ve got to assume this is high on their list.” Although previous reports had put a price tag for the unit at between $1.1bn and $1.6bn, a Mexico-based banker away from the deal said it would be unlikely to reach $1.5bn, though he expects it to sell for over $1.0bn.