P&G Reportedly Eyes Sara Lee Brands

CINCINNATI (TheStreet) -- Procter & Gamble (PG Quote) is in talks to buy part of Sara Lee's(SLE Quote) international household products unit, a report says.

P&G is mainly interested in the division's air-care business, which makes Ambi Pur air fresheners, Bloomberg reports, citing people familiar with the talks. Sara Lee prefers to find one buyer for the entire unit, which also includes insecticide and Kiwi shoe polish, the people said.

Last month, Sara Lee agreed to sell its personal care business to Unilever(UL Quote) for 1.275 billion euros ($1.87 billion) in cash. Based on that multiple of 1.8 times sales, the air-care unit would be worth about $700 million, Bloomberg says.

Sara Lee said at the time it had received "significant interest" for the remainder of its household business and is continuing to pursue options for the operations, which include its air care, shoe care, insecticides and non-European cleaning brands.

Officials from P&G and Sara Lee declined to comment for Bloomberg.

-- Reported by Joseph Woelfel in New York .

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