BREAKFAST DEALS: Pacific solution?

KKR appears ready to make a play for Pacific Brands, while Spotless threatens to spurn its suitor.

Kohlberg Kravis Roberts has nicked some of the attention from Pacific Equity Partners this morning with a report that it’s considering a bid for Pacific Brands. This illustrates two points – firstly, the extent to which private equity is back in the M&A game, and secondly that Australian retail is in trouble and vulnerable to opportunists. Spotless Group chairman Peter Smedley has shown PEP what his target price is. It’s short of the $3 he’s reportedly had in mind in the past, but it could still be too much for PEP. Elsewhere, Rio Tinto might have to close yet another smelter, this time in the US, which makes the task of reducing its aluminium footprint easier but far from lucrative. Finally, CSG Limited is reportedly considering reaching out to potential suitors in the wake of failed talks with NEC and, to complete the private equity party, a player could be looking at Onsite Rental Group.

Pacific Brands, Kohlberg Kravis Roberts



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