Supply Chain Council of European Union | Scceu.org
Warehousing

KKR, rivals roadtest pallets giant Brambles

Brambles was worth an estimated $16.2 billion on Tuesday, based on its share price and known debt. Any suitor would likely need to offer at least a 20 per cent premium, or $20 billion plus, to be taken seriously by Brambles’ board.

The company’s value is about 10 per cent lower than it was this time last year, potentially leaving it open to an opportunistic approach.

It comes amid a wave of big Australian M&A deals in the past 12 months, including takeovers of Sydney Airport, AusNet Services and Spark Infrastructure, all led by private capital investors. The biggest private equity buyout is Blackstone’s deal to acquire Crown Resorts, worth $8.9 billion in equity value and about $11 billion including debt.

It also comes as buyout firms run the numbers on rival pallets business Loscam Australia, which is expected to be formally up for sale in coming months.

Brambles is a fixture on the Australian Securities Exchange, with its shares listed on the bourse since the 1950s when it provided transport and industrial services for BHP. The group acquired its pallets business, CHEP, from the Australian government in 1958 and expanded globally in the decades after.

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