D.E Master Blenders 1753 NV, the coffee and tea company spun off by Sara Lee Corp. in June, said it became aware of accounting irregularities at its Brazilian operations after gaining independence and isn’t responsible for any losses incurred by investors.
European stocks climbed, completing their third consecutive quarterly gain, as a report showed retail sales unexpectedly increased in Germany last month and Cypriot banks opened for the first time in almost two weeks.
Joh. A. Benckiser is close to announcing a formal offer to buy D.E Master Blenders 1753 NV, the coffee and tea company spun off by Sara Lee Corp., in a bid that may value the company at 7.6 billion euros ($10 billion), people familiar with the matter said.
D.E Master Blenders 1753 NV, the coffee company being acquired by investment firm Joh. A. Benckiser, will appoint former Mars Inc. executive Pierre Laubies as chief executive officer once the deal is approved by shareholders, according to a person familiar with the matter.
After years of development, Sara Lee Corp. mothballed a machine that makes cups of coffee from freshly ground beans. Now, managers of Sara Lee spinoff D.E Master Blenders 1753 NV are counting on the machine to help turn the company around and unseat Kraft Foods Inc. as the world’s No.2 coffee maker.