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Byline: Giles Parkinson
SYDNEY -- Australian industrial group Pacific Dunlop Ltd. announced Nov. 30 the sale of its clothing and footwear business to private equity investors CVC Asia Pacific Ltd. and Catalyst Investment Managers for A$730 million ($379.2 million).
It was the fifth major asset sale by the Melbourne-based company in the past two years and completes a massive restructuring that began five years ago.
CVC, a subsidiary of Citigroup, and Catalyst, a unit of the U.K.'s Prudential Corp., were among three other bidders for the assets that were put on the market in February, after Pacific Dunlop was forced by unhappy investors to change …