THE NEWS WRAP: Billabong bidder proposes break-up

Troubled surfwear giant Billabong could be broken up if a joint $527 million bid for the company by US clothing giant VF Corporation and investment fund Altamont Capital Partners is successful.


The consortium has revealed that if its bid is successful, VF, which owns the Timberland, Lee, The North Face, Vans and Kipling clothing brands, would claim the Billabong brand. Altamont would claim the remaining brands, including Element, Tigerlily and RVCA.


The VF/Altamont consortium launched its bid on Monday following a rival bid from Billabong Americas boss Paul Naude.


Vodafone to close Crazy John’s


Vodafone has announced that it is closing its Crazy John’s subsidiary on February 20, placing 300 jobs at risk.


The company has vowed to try to redeploy Crazy John’s staff throughout its other operations where possible.


Vodafone purchased the MVNO (mobile virtual network operator) and retail chain in 2008 following the death of founder John Ilhan.


Government claims it would be illegal to disclose mining tax revenues


The Gillard government has produced legal advice from the Australian Government Solicitor claiming that it would be illegal to disclose how much revenue the mining tax raised during the September quarter.


According to the note, disclosing how much revenue the tax has raised would risk identifying the individual companies paying the tax.


The Australian Government Solicitor claims disclosing “protected information” of tax collections could result in a two-year prison sentence.




The S&P500 was 0.07% higher at 141471.69 in recent trade. The Australian dollar is up slightly to US105.54 cents.


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