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U.S. markets recover from steep losses
DOWNERS GROVE, Ill., Jan. 19 (UPI) -- Regulatory filings show ValueAct, a San Francisco-based hedge fund, has increased its stake in Illinois-based Sara Lee Corp. to 5 percent.
ValueAct had a 3 percent stake in Sara Lee as of Sept. 30 and increased its investment during the fourth quarter of last year, the Chicago Tribune reported Saturday.
The 5 percent stake represents 36.3 million shares of Sara Lee, a Downers Grove, Ill.-based food company, for a current stock-market value of about $540 million.
ValueAct began buying Sara Lee shares in early 2007, said Sara Lee spokesman Mike Cummins.
On the New York Stock Exchange, Sara Lee shares were down 25 cents at $14.40 Friday, the Tribune reported.
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