Australia’s Brambles to sell plastic containers unit for $2.5b

Pedestrians cross a road in Brisbane, Australia. Photographer: Ian Waldie/Bloomberg News Photo by Bloomberg

Australia’s Brambles Ltd said on Monday it would sell its plastic containers business to Abu Dhabi’s wealth fund for an enterprise value of $2.51 billion, earmarking most of the proceeds for a buyback and sending its stock sharply higher.

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