ASCIANO has sold its remaining 48.7m shares in the pallet company Brambles, resulting in a loss of about $85m.
Asciano, a transport infrastructure group, is said to have once planned to take over Brambles. However, losses in trading and floundering share prices rendered it vulnerable to takeover itself.
According to Asciano, the sale of the stake will go towards retiring a $406m facility in a bid to improve the group’s flexibility.
It also claims the move will allow the group to refocus on its core business and grow its current operations.
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