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Sara Lee Buys Share of Israeli Firm

Sara Lee, the giant Chicago-based producer of frozen cakes, pies and other processed foods has just acquired a 25.1 percent stake in Delta-Galil Industries Ltd., Israel’s largest manufacturer of underwear.

It paid $16.7 million for the share and won 11.51 percent of Delta voting rights. Under the agreement, Sara Lee has a five-year option to buy another $18.7 million worth of the Israeli firm.