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May 17 (Reuters) - Australia's Brambles Ltd (BXB) 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 Ukraine since February blocked supply chains and sent energy prices soaring.
Brambles, which rents crates and pallets globally to fast-moving consumer goods companies including retailing giant Walmart WMT.N , hiked its annual underlying profit expectations last month to 6%-7% on prior year.
A pandemic-fuelled boom in e-commerce activity and a current crunch in container availability has placed the group's business in a favourable position, making it an attractive target for buyout firms.
CVC, which had been missing from Australia after a A$1.8 billion loss https://reut.rs/3FQvWQU on its investment in Nine Entertainment (NEC) in October 2012, did not respond immediately to a request for comment.
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Last
$22.98 |
Change
-0.020(0.09%) |
Mkt cap ! $31.38B |
Open | High | Low | Value | Volume |
$22.82 | $23.04 | $22.75 | $72.18M | 3.144M |
Buyers (Bids)
No. | Vol. | Price($) |
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33 | 1874 | $22.97 |
Sellers (Offers)
Price($) | Vol. | No. |
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$22.98 | 656 | 8 |
View Market Depth
No. | Vol. | Price($) |
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18 | 1593 | 22.920 |
22 | 3611 | 22.910 |
6 | 2530 | 22.900 |
11 | 2592 | 22.890 |
13 | 5382 | 22.880 |
Price($) | Vol. | No. |
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22.940 | 2508 | 15 |
22.950 | 2898 | 11 |
22.960 | 3329 | 9 |
22.970 | 2950 | 7 |
22.980 | 2659 | 9 |
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