Pursuits
Li & Fung Said to Work With Citigroup on Brands Unit Spinoff
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Li & Fung Ltd. is working with Citigroup Inc. to spin off its brands business, valued at about $2 billion, people with knowledge of the matter said.
The world’s biggest supplier of clothes and toys to retailers such as Wal-Mart Stores Inc. and Kohl’s Corp. plans to list the division on Hong Kong’s stock exchange and would also consider selling the unit, named Global Brands Group, if it gets an attractive offer, said the people. They asked not to be identified because the deliberations are private.