March 25, 2011-Brambles Limited is pleased to announce it has received merger clearance from the United States Federal Trade Commission to proceed with its acquisition of IFCO Systems N.V., thereby completing all clearance processes for the transaction.
The USA clearance is not subject to any undertakings or conditions on the part of Brambles or IFCO. As announced on 15 February 2011, Brambles has also received unconditional merger clearance for the acquisition of IFCO in all other jurisdictions where it was required.
IFCO is a leading provider of reusable plastic container (RPC) pooling services in Europe and the Americas and of pallet management services in the USA.
Brambles CEO Tom Gorman said: “We are delighted that we will be completing the acquisition of IFCO ahead of our anticipated schedule, and look forward to working with the IFCO team on our integration and growth plans and opportunities to generate substantial synergies.
“We’re excited about talking to our customers about the opportunities that will arise from this transaction, which will make our RPC operations stronger worldwide, and allow us to broaden our service offering to customers in the USA pallet sector.”
Brambles expects completion of the IFCO acquisition to take place as follows:
• On 30 March 2011, Brambles will complete the acquisition of the 32.6% of IFCO’s shares tendered into the public tender offer1. This includes 30% of IFCO’s shares that IFCO’s major shareholder, Apax Partners, tendered into the offer under the terms of its sale and purchase agreement with Brambles.
Brambles (ASX: BXB) is a provider of supply chain and information management solutions through its two primary businesses, CHEP and Recall. Brambles employs more than 12,500 people in 47 countries. For further information on Brambles and all announcements, presentations and webcasts, please visit www.brambles.com.
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