Struggling Fletcher Building has hit the ground running on a divestment of its underperforming Tradelink business in Australia.
Street Talk can reveal the construction company, which trades on both the New Zealand and Australian stock exchanges, has appointed Miles Advisory to oversee a sale process for the plumbing supplies division, after telling the market on February 14 that it had written down Tradelink’s carrying value by $NZ122 million ($114 million).
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
