Brambles to Float Aus$2 Billion Data Management Unit

By IVCPOST Staff Reporter

Jul 02, 2013 12:04 AM EDT

Brambles Ltd is a pellet supplier in Australia. It has reviewed a plan to exit its data management unit priced at Aus$2 billion. The company said that the move was to spin off the unit and getting it listed on the Australian Securities Exchange (ASX).

Brambles saw that the unit was expected to post a profit decline. That is why it proposed to have it spun off during a time when several IPOs in Asia Pacific have been pulled or cut off. Financial markets are again roiled by issues over slow Chinese growth and US stimulus reduction plans.

In June 2012, Brambles scrapped its planned sale of Recall Holdings, the company's business unit.

In December, shareholders are scheduled to vote on the planned spinoff with an expected listing soon after. This was stated by Brambles last Tuesday. The shares of the company outperformed the benchmark after it rose by 3.1% to Aus$9.36 by 0014 GMT.

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