Wolseley Powers Ahead As It Dumps Us Lossmaker [Edition 3]
Evening Standard - London › May 06, 2009
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Summary
SHARES in Wolseley, the world's biggest plumbing-equipment supplier, soared 107p to 1456p today after American investor Gores Group took the lossmaking US subsidiary Stock Building Supply off its hands.
Wolseley is putting SBS into Chapter 11 bankruptcy protection and selling 51% of the company to Gores, leaving it with the remaining 49% and a bookful of construction loans. Gores will also put up $75 million (Pounds 50 million) of new finance and provide a $125 million bridging line. The UK firm says the deal will enable it to spread SBS's losses around and conserve cash.See the full content of this document
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Wolseley Powers Ahead As It Dumps Us Lossmaker [Edition 3]
Wolseley shares have slumped from a peak of 5500p in July 2007, hammered by a series of profit warnings. Thousands of jobs have been shed after the collapse in the US housing market....
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