Sara Lee Corp (NYSE:SLE) reported earnings for the fourth quarter and full year fiscal 2011 and provided an update on the progress of the spin off transaction. Significant divestment and restructuring progress towards the creation of two pure-play companies by the first half of calendar 2012. Intend to divest Spanish bakery and French refrigerated dough businesses. Signed agreement to sell North American (N.A.) refrigerated dough business to Ralcorp for $545 million.

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