Australia's Brambles ends $14 billion takeover talks with CVC Capital [Reuters]
BRAMBLES LTD SP/ADR (BXBLY)
NASDAQ:AMEX Investor Relations:
brambles.com/investor-centre
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Source: Reuters
(Reuters) - Australia's Brambles Ltd said on Tuesday European private-equity firm CVC Capital Partners has ended preliminary talks with the company over a potential A$20 billion ($14 billion) takeover offer, citing external market volatility. The development comes a day after the Australian logistics firm confirmed it was evaluating the offer, which would have been one of the biggest private-equity-backed takeovers in the country. It had not put a number on the deal. Shares of Brambles dropped 6% to A$10.9 by 0009 GMT on Tuesday. They had soared 11.2% on the previous day, giving it a market valuation of A$16.65 billion at the close of trading. The company said CVC will not be putting forward a proposal or seeking to conduct a detailed due diligence at the moment due to the “current external market volatility”, without divulging further details. Global markets have experienced wild volatility in recent months as COVID-19 restrictions in some countries and Russia's invasion of
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