Reuters: Mergers News: REFILE-UPDATE 1-Brambles expects decision on Recall sale by end-May

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REFILE-UPDATE 1-Brambles expects decision on Recall sale by end-May Mar 27th 2012, 23:17 Tue Mar 27, 2012 7:17pm EDT * Sees decision on sale of Recall unit in 4-8 weeks * Sale originally expected by end-March * Says in advanced talks with bidders SYDNEY, March 28 (Reuters) - Australia's Brambles Ltd , the world's top pallet supplier, said on Wednesday talks for the sale of its U.S. document management business, which is valued at around $2 billion, would take one to two months longer than expected. Brambles said advanced talks were continuing with potential bidders, but did not name them. In January, sources said it had short-listed four buyout firms including Carlyle Group and Apollo Global Management for the deal.. When it announced the sale last August, part of a series deals to offload non-core assets, Brambles said it expected to finalise a sale by end-March.. The proceeds from a Recall divestment would be used to reduce debt. The company has announced a $550 million capital investment plan for its pallet operations in 2012-2013. Recall is the latest Brambles business to be put on the block. As it scaled back its presence as a global conglomerate, the company also sold its waste management, material handling and other businesses over the past five years to focus on its core business - pallet and container pooling services. Bank of America Merrill Lynch and UBS AG are advising Brambles on the sale. Link this Share this Digg this Email Reprints

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