AUSTRALIA: Board Appointment Fuels PacDun Sale Rumours
Troubled Australian manufacturer Pacific Dunlop (PacDun) has offered a board seat to a representative from US-based investment group Shamrock - the 15 per cent shareholder that had previously called for a break-up of the industrial firm.
The appointment suggests that PacDun may be closer to selling off its Pacific Brands clothing and footwear division.
The business, which is valued at $A700 million-plus, is in talks with venture capital group, CVC Asia, to divest its Red Robin, Wonderbra and Love Kylie lingerie labels.
The sale has been made necessary by a falling share price and a 2000-2001 loss of $A139 million. If it had it not moved to restore value, the company was facing a shareholder revolt.
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