Business Services Industry
SHARES IN AUSTRALIA'S BRAMBLES RISE ON POSSIBLE RIVAL DEFAULT.
AsiaPulse News, March, 2002
BRISBANE, March 19 Asia Pulse - Shares in Brambles Industries Ltd (ASX:BIL) climbed almost three per cent today as investors speculated that its CHEP pallet rival, IFCO Systems NV, had defaulted on an interest payment.
Dealers said Brambles may be eyeing IFCO's Canadian pallet pool and repair operations, estimated to be worth $A50 million ($US26.02 million) to $A70 million ($US36.44 million), amid suggestions IFCO may exit its United States returnable pallet businesses.
IFCO owns and manages a rental pool of over 1.6 million pallets in Canada and was said to be in urgent talks with its lenders, amid market speculation it has defaulted on a $A17.8 million ($US9.26 million) interest payment.
Shares in industrial services company Brambles added 28...
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