Pursuits

Fortune Brands Said to Pick Morgan Stanley to Sell Golf Unit

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By Jeffrey McCracken, Zachary Mider and Duane D. Stanford

January 6, 2011 at 4:01 AM UTC

This article is for subscribers only.

Fortune Brands Inc., planning a breakup of the company, selected Morgan Stanley to run an auction for its golf division in a sale that may fetch as much as $1.5 billion, said four people with knowledge of the matter.

Morgan Stanley may approach potential strategic acquirers such as Nike Inc. and Adidas AG, as well as private-equity firms and Asian companies such as Sumitomo Rubber Industries Ltd., which owns the Srixon golf-ball brand, said the people, who asked not to be named because the discussions are private.