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Brambles Scraps $2B Recall Sale, Plans Equity Raise Instead

Law360, New York (June 4, 2012, 5:26 PM EDT) -- Australian storage and logistics firm Brambles Ltd. has canceled the planned US$2.2 billion sale of its Recall document management business because offers were too low, and will instead sell new shares to pay down debt, the company said Monday.

The company had hoped to sell the unit, which stores or destroys physical documents for client companies, to reduce debt related to the $1.3 billion acquisition last year of another logistics firm, IFCO Systems NV. Instead, Brambles will raise AU$448 million (US$435 million) by issuing new shares...
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