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KKR in talks with Pacific Brands Tuesday, 10th January 2012
The buy-out group has made an unsolicited approach to Pacific Brands, indicating a new trend for private equity firms keen to swoop on Australia’s struggling retail sector.
The Clarks, Dunlop and Hush Puppies marketer on Tuesday confirmed it is holding preliminary discussions with KKR about the approach, but added there was “no certainty that these discussions will lead to any agreement being reached between the parties”.
Pacific Brand’s shares jumped 14 per cent to AUD 0.64 on Tuesday after reports of the approach broke, giving the group a market capitalisation of AUD 584.3 million.