Bloomberg Business is reporting today that an investment banker who is reportedly working with Quiksilver (Durc Savini) “testified” that “at some point” Oaktree Capital Management “may” merge Billabong and Quiksilver in an effort to dig Quik out of the financial hole it is currently wallowing in.
Savini added that he never directly approached Oaktree about a transaction with Billabong and that he doesn’t believe Billabong “has the balance sheet to support” such a deal. Oaktree owns about 20 percent of Australia-based Billabong.
The story also mentioned another item reportedly in The New York Post that claimed “a Quiksilver-Billabong combination was being considered.” Guess the media just get to make stuff up and then we can link to it like it’s news.
[Link: Bloomberg Business]
