By Stuart Condie

SYDNEY--Brambles Ltd. said it is in preliminary talks with CVC Capital Partners over a potential proposal for the pallet supplier.

The Australia-listed firm on Monday said that talks regarding an unsolicited proposal to acquire the whole of the company were incomplete and not guaranteed to result in a formal proposal. Brambles was responding to reports on Sunday by Australian newspapers.

Brambles did not give any detail with regard to the potential value of any proposal. The Australian Financial Review and The Australian newspapers suggested Luxembourg-based CVC could offer about 20 billion Australian dollars (US$13.88 billion), which compares with Brambles's A$14.9 billion market capitalization ahead of Monday's open.

Brambles said that its board was focused on its current transformation plan and considering other strategic options to maximize shareholder value.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

May 15, 2022 18:55 ET (22:55 GMT)

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