Brambles recalls better times

The fact that Brambles cannot sell its lucrative Recall business is a damning sign of the global environment. Still lumped with the debt from its IFCO purchase, a capital raising was the sure option.

It says something about the state of the globe that Brambles has aborted the protracted attempted sales process for its Recall information management division and announced a $448 million equity raising.

About 18 months ago, Brambles announced the $1.3 billion purchase of another pallet and logistics group, IFCO Systems. It planned to fund that acquisition, completed last year, by having its dividend reinvestment plan underwritten.

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