Pacific Dunlop sells battery business, reorganizes

MELBOURNE, Australia (May 11)—Pacific Dunlop Ltd. has begun a major asset and capital reorganization that includes the sale of its GND Technologies battery business to Exide Corp. for $368 million—$333 million in cash and 4 million Exide shares. The transaction gives Pacific Dunlop an 18-percent stake in Exide, a large North American battery maker with extensive interests in Europe, the company said. The sale is part of Melbourne-based Pacific Dunlop´s reorganization, announced in mid-March.