Sara Lee spinoff to distribute $4.6 billion in stock

Downers Grove-based Sara Lee Corp. says that its shareholders will get stock valued at up to $4.55 billion when it spins off its international coffee and tea business later this year.

The food company from Downers Grove, Ill., also says the coffee and tea business which includes brands such as Senseo will move its headquarters to Amsterdam in the second half of the year to be close to key Western European markets.

Sara Lee previously announced its plans to split in two. It provided more details on Friday.

Once the spinoff is complete, Sara Lee stockholders will get a $3 special dividend.

Sara Lee will focus on the meat business with brands such as Ball Park hot dogs and Jimmy Dean sausage. It will have about $1.7 billion in debt and approximately $300 million in cash.