AUSTRALIA: PacDun Could Sell Clothing Division
Pacific Brands manufactures popular Australian labels including Playtex and Bonds.
The Australian Financial Review reported that PacDun is contemplating an initial public offering, after a lukewarm response for trade buyers for the division. The unsourced report said PacDun would raise between $550m and $650m in a trade sale, well short of the more than $800m an internal report said an IPO would raise.
According to the newspaper, a PacDun information memorandum forecast the clothing division's 2002 earnings before interest and tax (EBIT) of $131m, lifting to $147m in 2003.
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