Aug 5 (Reuters) - Brambles Ltd BXB.AX :
* Brambles formation of oil & gas container joint venture
* Says joint venture will be 50% owned by Brambles and 50% owned by Hoover
shareholders
* Says the transaction is expected to be neutral to Brambles' underlying
earnings per share in FY 2017
* HFG is targeting annual cost and capital expenditure synergies of US$5-10
million within three years
* Brambles will receive consideration of approximately US$75 million from first
reserve to equalise ownership of HFG
* Brambles will recognise an impairment charge of US$38 million against the
value of its oil & gas assets as at 30 June 2016
* Entered into agreement to combine its oil & gas container solutions
businesses with hoover container solutions
* Brambles' FY 2016 guidance for constant-currency growth in sales revenue and
underlying profit of 8% to 10% remains unchanged
* Brambles will contribute ferguson and CCC to HFG with debt, including a
US$150 million subordinated shareholder loan
* Says the transaction is accretive as cost and revenue synergies are realised
* Agreement to combine its oil & gas container solutions businesses - Ferguson
Group (Ferguson) and Chep Catalyst & Chemical Containers (CCC)
* Source text for Eikon ID:nASX3Hc63f