US bakery-to-deli group Sara Lee has extended the time frame for its previously announced US$500m stock repurchase plan.

The company was planning to use proceeds from the sale of its international body care operations to Unilever to fund the buyback.

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The sale was expected to be completed in the third quarter. However, the deal has encountered delays in obtaining competition clearance in Europe.

Sara Lee announced plans in February to repurchase $2.5-3bn in stock over the next three years, including $1-1.3bn this year.  In March, the group adopted an accelerated share-buyback plan, when it said it would repurchase $500m in the months to come.

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