P.M. BRIEFING : Sara Lee Seeks Niche in Europe

Sara Lee Corp. officials said they hope to expand business into Eastern Europe with the planned purchase of major interest in Hungary’s third largest food company, Compack Trading and Packing Co.

The move to acquire interest in Compack has been accepted by the State Property Agency of Hungary, Sara Lee said. Terms of the offer are subject to approval by the Sara Lee board of directors and were not disclosed.

“Sara Lee is very pleased with this partnership, which will expand our coffee and grocery positions into Eastern Europe,” said John Bryan, Sara Lee chairman and chief executive officer. “Compack’s product line perfectly complements Sara Lee’s European coffee and grocery business.”