Sara Lee holder boosts stake

DOWNERS GROVE -- ValueAct Capital, a hedge-fund firm co-founded by Jeff Ubben, raised its stake in Sara Lee Corp. to 5 percent. ValueAct boosted its ownership to 36.3 million shares, the San Francisco-based company said Friday in a filing with the U.S. Securities and Exchange Commission. Sara Lee, based in Downers Grove, said it's talking to ValueAct, which increased its stake from 3 percent as of Sept. 30, according to Bloomberg data. Sara Lee won't discuss its conversations with ValueAct and other investors because it considers the talks to be confidential, spokesman Mike Cummins said Friday.