Elders offloads auto arm for $69m

Group enters binding agreement with US private equity firm.

Debt-laden takeover target Elders Ltd will offload its auto arm to US private equity firm Clearlake Capital Group for $69 million as part of a bid to restructure its struggling operations.

The sale of Futuris Automotive will be used to reduce Elders’ net debt by about $56 million.

Elders will also book a one-off net loss of about $28 million on the sale, which is subject to Foreign Investment Review Board approval.

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