Billabong director mulls buy-out

Australian surfwear chain Billabong International said yesterday one of its directors wanted to investigate a possible leveraged buyout of the firm. The retailer, which had potential buyers withdraw takeover offers last month, said Paul Naude would stand aside from his role as president of the Americas while he looked at putting together a buyout proposal. Billabong shares jumped as much as 17 per cent on the news. Private equity firms TPG and Bain Capital withdrew from $700m bids last month.