UK: Associated British Foods to sell clothing retail arm
UK food manufacturing giant Associated British Foods (ABF) has made moves to sell its retail arm, comprising more than 100 budget clothing stores trading under the name Primark in Britain and Penney's in Ireland. According to the Sunday Times, the deal could be worth £850m (US$1.32bn). It is expected to surprise the market, as ABF had been widely expected to hang onto ownership of the retail arm. Indeed CEO Peter Jackson has spoken at length about his plans to invest n the division and grow it.
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