Brambles’ $2 billion sale delayed

The sale of Brambles’ (ASX:BXB) information management business, Recall, has been delayed beyond the March 21 date expected by the market.

Brambles said in a statement to the ASX due diligence on the ‘Recall’ business was being completed as discussions progressed ahead of a potential transaction.

“As a result of the ongoing nature of these negotiations, Brambles now expects to announce an outcome … within the next four to eight weeks,” the logistics company’s statement says.

In December, Brambles CEO Tom Gorman said many private equity companies and trade buyers had inquired about the sale, which he hoped would generate more than $2 billion.

Brambles provides pallet and containers to help companies transport fresh food, consumer goods, general manufacturing, automotive, aviation and chemical sectors through CHEP and IFCO brands.

At noon AEST, Bramble’s shares had lost 1.01% and were trading at $6.89.