Billabong in takeover talks with consortium

Surfwear firm Billabong is to enter takeover talks with a consortium led by its former US boss Paul Naude and private equity firm Sycamore Partners.

The group has offered $300m (£196m), a 45% cut on the offer it made for Billabong in December last year.
In February 2012, Billabong rejected a $883m bid from rival private equity firm TPG Capital.

The Australian firm has struggled to restructure and last August it revealed a full-year loss of $287m (£181m).

Billabong has sold assets, closed stores and replaced its chief executive in an attempt to revive the business.